A large firm of accountants carries on business in partnership. The records of the business show:
Accounts Receivable 1 July $ 200,000
Cash received from clients during the year $1,500,000
Estimated value of work in progress as at 30 June $ 80,000
Accounts Receivable 30 June $ 300,000
What is the gross income derived by the partnership for the year ended 30 June?

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The Answer of A large firm of accountants carries on business in partnership. The records of the business show:
Accounts Receivable 1 July $ 200,000
Cash received from clients during the year $1,500,000
Estimated value of work in progress as at 30 June $ 80,000
Accounts Receivable 30 June $ 300,000
What is the gross income derived by the partnership for the year ended 30 June?

A Large Firm of Accountants Carries on Business in Partnership