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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

for the year ended March 31, 2019

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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