Question

paid salaries 2400and salaries outstanding 600​

Answer 1

Answer:

Accounting equation

1)Paid salary Rs.500

decrease in cash by 500 and decrease in capital by 500.

2)salary outstanding being Rs.100

decrease in capital by 100 and increase in liability by 100

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Answer 2

Answer:

• Outstanding salary is a personal representative account. As per matching concept, salary is due but not yet paid. So, Unpaid salary to be shown as liability under 'Expenses Payable' or 'Salary Payable' in Balance sheet on liabilities side and on other aspect of dual entry to be placed in Profit & Loss Account.

Explanation:

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