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Question
In the year ended 31st March, 2019, salaries paid amounted to ₹ 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended 31st March, 2019 from the following additional information:
| ₹ | |
| Prepaid Salaries on 31st March, 2018 | 24,000 |
| Prepaid Salaries on 31st March, 2019 | 12,000 |
| Outstanding Salaries on 31st March, 2018 | 18,000 |
| Outstanding Salaries on 31st March, 2019 | 15,000 |
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Solution
|
Statement of Salaries |
|
|
Particulars |
Amount |
|
Amount paid for Salaries |
2,04,000 |
|
Add: Prepaid Salaries as on March 31, 2018 |
24,000 |
|
Less: Prepaid Salaries as on March 31, 2019 |
(12,000) |
|
Less: Outstanding Salaries as on March 31, 2018 |
(18,000) |
|
Add: Outstanding Salaries as on March 31, 2019 |
15,000 |
|
Salaries chargeable to Income and Expenditure Account |
2,13,000 |
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