Question

Adjustment entries to be passed for outstanding salary at the end of the financial year and at the beginning of the assessment year.

Answer 1

Explanation:

bro outstanding expenses are always added to that expense .for your question if salary is 1000/- and the outstanding salary is 500/- then in the debit side of p/l account this will be written as 1500/-.

and vice versa prepaid expenses are deducted from that expense.

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