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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? -

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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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