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Question
Salary paid for the year ended 31st March, 2010 amounted to ₹ 75,000. How much amount will be recorded in Income and Expenditure Account in the following case?
Year | 31-3-2009 | 31-3-2010 |
Outstanding Salary | 6,500 | 6,000 |
Prepaid Salary | 1,200 | 1,000 |
Options
₹ 75,700
₹ 74,300
₹ 75,300
₹ 74,700
MCQ
Solution
₹ 74,700
Explanation:
Particulars | Amount (₹ ) | |
Salary paid during the year | 75,000 | |
Add: O/s Salary as at 31-3-2010 | 6,000 | 7,200 |
Prepaid Salary as at 31-3-2009 | 1,200 | |
Less: O/s Salary as at 31-3-2009 | 6,500 | 7,500 |
Prepaid Salary as at 31-3-2010 | 1,000 | |
Amount to be debited to income and expenditure Account |
74,700 |
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Preparation of Income and Expenditure Account
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