Question :
Salary outstanding in the beginning of the year is Rs.75,000 and at the end of the year is Rs.90,000. The amount debited to Income and Expenditure Account is Rs.1,50,000, then the amount of salary to the credit of Receipts and Payments A/c is:
Option 1:
Rs.1,85,000
Option 2:
Rs.1,65,000
Option 3: Rs.1,35,000
Option 4: None of these
Answer (1)
23rd Jan, 2024
Correct Answer: Rs.1,35,000
Solution : Amount of salary to be credited to Receipts and Payments A/c = Amount to be debited to Income and Expenditure A/c - Closing outstanding + Opening outstanding = Rs.1,50,000 - Rs.90,000 + Rs.75,000 = Rs.1,35,000. Hence, the correct option is 3.
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