4. Vijay, a consultant, during the financial year 2018-19 earned Rs. 4,00,000. Out of which he...

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4. Vijay, a consultant, during the financial year 2018-19 earned Rs. 4,00,000. Out of which he received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. You are required to determine his income for the year if i. he follows Cash Basis of Accounting and he follows Accrual Basis of Accounting. ii. 4. Vijay, a consultant, during the financial year 2018-19 earned Rs. 4,00,000. Out of which he received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. You are required to determine his income for the year if i. he follows Cash Basis of Accounting and he follows Accrual Basis of Accounting. ii.