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.
Question : The salary paid during the year was Rs 1,60,000. The salary outstanding at the end of the year was 14,000, and the salary outstanding at the beginning of the year was Rs 180,00. Salary to be transferred to the debit side of the Income and expenditure account will be
Option 1: Rs 1,28,000
Option 2: Rs 1,92,000
Option 3: Rs 1,64,000
Option 4: Rs 1,56,000
Question : Subscription received in cash during the current year amounted to Rs. 15000. Subscription outstanding at the end of the previous year was Rs. 500 and outstanding at the end of the current year was Rs. 750 Subscription received in advance for next year was Rs. 250 The amount credited to Income and Expenditure Account will be:
Option 1: Rs. 15,000
Option 2: Rs. 16,500
Option 3: Rs. 31,000
Option 4: Rs. 30,500
Question : The subscription credited to the Income and expenditure account was Rs.4,00,000. Subscription outstanding at the end of the previous year was Rs.20,000 and outstanding at the end of the current year was Rs.25,000. The subscription received in advance for the next year was Rs.8,000 and received in advance during the previous year was Rs.7,000. What was the amount recorded in the Receipts and Payment Account?
Option 1: Rs 3,96,000
Option 2: Rs 3,95,000
Option 3: Rs 4,25,000
Option 4: Rs 4,96,000
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