Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?
Option 1: assets side of closing Balance Sheet
Option 2: assets side of opening Balance Sheet
Option 3: Liabilities side of closing Balance Sheet
Option 4: Liabilities side of opening Balance Sheet
Answer (1)
26th Jan, 2024
Correct Answer: Liabilities side of closing Balance Sheet
Solution :
Salaries debited to Income and Expenditure Account = Rs 5,000
(-) Salaries paid =
(Rs 4,500)
Amount to the closing Balance Sheet (Liabilities side)=
Rs.500
Hence, the correct option is 3.
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