Question : Tigers club paid salary for the year ended 31st march 2020 amounted to Rs.1,50,000. How much amount will be recorded in Income and Expenditure Account if outstanding salary on 31st March 2019 was Rs. Rs.7,000 and outstanding salary on 31st march 2020 was Rs.10,000.
Option 1: Rs. 1,53,000
Option 2: Rs. 1,67,000
Option 3: Rs. 1,47,000
Option 4: Rs. 1,50,000
Correct Answer: Rs. 1,53,000
Solution :
Particulars | Amount |
Salary paid in 2019-20 | 150000 |
Add: Unpaid salary on 31st March 2020 | 10000 |
Less: Outstanding salary on 31st March 2019 | 7000 |
Amount recorded in Income and Expenditure A/c | 153000 |
Hence, the correct option is 1.