Question : During the year 2018-2019, salaries paid amounted to Rs 2,40,000. From the following information, show the salaries item in the Income and Expenditure Account for the year ending 31st March, 2019.
1. Salaries outstanding on March 31st, 2018 Rs 20,000
2. Salaries outstanding on March 31st, 2019 Rs 25,000
3. Salaries paid in advance on 31st March, 2018 Rs 16,000
4. Salaries paid in advance on 31st March, 2019 Rs 12,000
Option 1: Rs 2,76,000
Option 2: RS 2,49,000
Option 3: Rs 2,51,000
Option 4: Rs 3,00,000
Correct Answer: RS 2,49,000
Solution : Salaries paid amounted = Rs 2,40,000 (-) Salaries outstanding on March 31st, 2018 = (Rs 20,000)
(+) Salaries outstanding on March 31st, 2019 = Rs 25,000
(+) Salaries paid in advance on 31st March, 2018 = Rs 16,000
(-) Salaries paid in advance on 31st March, 2019 = (Rs 12,000) Amount in Income & Expenditure A/c = Rs.2,49,000 Hence, the correct option is 2.
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