Question : In the year 2020-21, salaries paid amounted to Rs.1,20,000. Find the amount to be debited to Income and Expenditure Account for the year ending 31st march 2021 after considering the following information:
| Particulars | Amount |
| Outstanding Salaries on 31-3-2020 | 9000 |
| Outstanding Salaries on 31-3-2021 | 13500 |
| Prepaid salaries on 31-3-2020 | 5400 |
| Prepaid salaries on 31-3-2021 | 4200 |
Option 1: Rs. 1,29,000
Option 2: Rs. 1,14,300
Option 3: Rs. 1,25,700
Option 4: Rs. 1,38,900
Correct Answer: Rs. 1,25,700
Solution :
| Particulars | Amount |
| Salary paid in 2020-21 | 120000 |
| Add: Unpaid salary on 31-3-2021 | 13500 |
| Add: Advance salary on 31-3-2020 | 5400 |
| Less: Unpaid Salary on 31-3-2020 | 9000 |
| Less: Advance Salary on 31-3-2021 | 4200 |
| Amount recorded in Income and Expenditure A/c | 125700 |
Hence, the correct option is 3.
Related Questions
Question : Delhi sports club for the year ending 31st march 2022 amounted to Rs. 4,00,000. How much amount to be recorded in Income and Expenditure Account after considering the following information:
| Particulars | 31-3-2021 | 31-3-2022 |
| Outstanding Salary | Rs. 14000 | Rs. 20000 |
| Advance Salary | Rs. 10000 | Rs. 8000 |
Option 1: Rs. 4,16,000
Option 2: Rs. 4,08,000
Option 3: Rs. 4,10,000
Option 4: Rs. 3,84,000
Question : How much amount will be shown in the Income and Expenditure Account in the following case:
| Amount paid for stationary purchased during 2021-22 | 80000 |
| Creditors for Stationary on 1-4-2021 | 8000 |
| Creditors for Stationary on 31-3-2022 | 12400 |
| Stock of Stationary on 1-4-2021 | 10800 |
| Stock of Stationary on 31-3-2022 | 10000 |
Option 1: Rs. 84,400
Option 2: Rs. 84,000
Option 3: Rs. 86,000
Option 4: Rs. 85,200
Question : How much amount will be shown in the Income and Expenditure Account in the following case:
| Amount paid for stationary purchased during 2021-22 | 17000 |
| Creditors for Stationary on 1-4-2021 | 1500 |
| Creditors for Stationary on 31-3-2022 | 2100 |
| Stock of Stationary on 1-4-2021 | 1250 |
| Stock of Stationary on 31-3-2022 | 1400 |
Option 1: Rs. 17,450
Option 2: Rs. 17,600
Option 3: Rs. 17,000
Option 4: Rs. 18,000
Question : Calculate the amount to be shown in the Income and Expenditure Account in the following case:
| Stock of sports Materials on 1-4-2021 | 6000 |
| Amount paid for sports materials during the year | 40000 |
| Stock of sports Materials on 31-3-2022 | 9600 |
Option 1: Rs. 37,000
Option 2: Rs. 46,000
Option 3: Rs. 36,400
Option 4: Rs. 49,600
Question : What amount will be credited to the income and expenditure account for the year ending 31st march 2022 on the basis of the following information:
| Particulars | 1-4-2021 | 31-3-2022 |
| Outstanding Subscriptions | Rs. 40000 | Rs. 30000 |
| Advance Subscription | Rs. 8000 | Rs. 12000 |
Subscriptions received during the year 2021-22 were Rs. 10,00,000.
Option 1: Rs. 9,86,000
Option 2: Rs. 10,12,000
Option 3: Rs. 9,68,000
Option 4: Rs. 10,00,000
