Question

In the year ended 31st March, 2018, salaries paid amounted to ₹ 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended 31st March, 2018 from the following additional information:

Answer 1

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amounted to ₹ 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended

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Answer 2

Explanation:

The salaries paid for the financial year can be determined by deducting the advance payment for next year and outstanding salaries of previous year. The advance payment of previous year salary and outstanding salary of next year should be added. After calculations the salary to be posted in Income and expenditure account are Rs2,13,000.