Question : Amount debited to Income and expenditure account as salary Rs 1,42,000. Outstanding salary at the end of the previous year was Rs 20,000 and outstanding salary at the end of current year was Rs 25,000. Salary paid in advance during current year for next year Rs 13,000. What will be the amount of salary paid during the current year?
Option 1: Rs 1,50,000
Option 2: Rs 1,34,000
Option 3: Rs 1,45,000
Option 4: Rs 1,63,000
Correct Answer: Rs 1,50,000
Solution : Amount debited to Income and expenditure account as salary = Rs 1,42,000 (+) Outstanding at the end of the previous year = Rs.20,000 (-) Outstanding salary at the end = (Rs.25,000) (+) Salary paid in advance during current year for next year = Rs 13,000 Amount of salary paid during the current year = Rs.1,50,000 Hence, the correct option is 1.
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