Answer / praveen kumar

The income has been earned but not yet received

Answer / h.r. sreepada bhagi

A wrong question & an incorrect answer by the same person.
Praveen if you can answer your own question, this forum need
not be used, isn't it? Be clear on the meaning of the words
you use.
If you say acquired income, it implies, income received &
this terminology is not in use in Accounts. There is
accounting term called 'Accrued Income'- Which means, income
earned or receivable for a period but not received at the
end of that accounting period. For example a property is let
out and at the end of the month rent for that month is not
received, this is called Rental Income accrued but not
received. Accrued Income appears in the P&L A/c as well as
in the Balance Sheet.
A wrong question & wrong answer would misguide others, so
desist from posting such things.

Answer / ca nirav radia

hello mr praveen this is nirav here it should be accrued
income and not acquired income an income which is accrued
but not received but an income is already credited in the
books of accounts.

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