Sham Singh spends ₹ 1,00,000 on cultivation and harvesting of his agricultural produce. 50% of the production is sold for ₹ 1,10,000 and rest is stored for self-consumption. What is the amount of the agricultural income?
A. ₹ 60,000
B. ₹ 1,10,000
C. ₹ 1,20,000
D. ₹ 1,00,000 [ICAI Mock Test Paper: October 2020, 2 Marks]
Answer:A
Sham Singh spends ₹ 1,00,000 on cultivation and harvesting of his agricultural produce. 50% of the production is sold for ₹ 1,10,000 and rest is stored for self-consumption. What is the amount of the agricultural income?
A. ₹ 60,000 B. ₹ 1,10,000 C. ₹ 1,20,000 D. ₹ 1,00,000 [ICAI Mock Test Paper: October 2020, 2 Marks]