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Question

From the following information, show the salaries item in the Income and Expenditure Account for the year ending 31st March, 2015 and in the Balance Sheet as at 31st March, 2014 and 31st March, 2015 :

An Extract of Receipts and Payments Account for the year ending 31st March, 2015
ReceiptsRs PaymentsRs Salaries 2,00,000

Additional Information

Rs

(i) Salaries Outstanding on 31st March, 2014 18,000

(ii) Salaries Outstanding on 31st March, 2015 24,000

(iii) Salaries paid in advance on 31st March 2014 10,000

(iv) Salaries paid in advance on 31st March, 2015 15,000

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Solution

Balance Sheet
as at 31st March, 2014
LiabilitiesRs AssetsRs Outstanding Salaries 18,000Prepaid Salaries (Paid in advance)10,000

Income and Expenditure Account for the year ending 31st March, 2015
Dr. Cr.
ExpenditureRsIncomeRsSalaries2,00,000 Less : Outstanding on 31st March, 201418,000–––––– 1,82,000 Add : Outstanding on 31st March 201524,000–––––– 2,06,000 Add : Paid in Advance on 31st March, 201410,000–––––– 2,16,000 Less : Paid in Advance on 31st March, 201515,000––––––2,01,000

Balance Sheet
as at 31st March, 2015
LiabilitiesRs AssetsRs Outstanding Salaries 24,000Prepaid Salaries (Paid in advance)15,000


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