Question

salaries paid for the current year amounted to 8500 at the end of the year outstanding salary for the previous year amounted to rupees 300 salaries paid in advance last year related to the current year amounted to rupees 500 .prepaid salary for the next year amounted to rupees 250.Total amount paid for salaries during the year is​

Answer 1

AnswEr :

            Current year salaries = 8500

Less : Opening outstanding. =  300  

                                                       8200

Add : Opening Advance.  =    500  

                                                        8700

Less : Closing Advance. =      250  

                                                       8450

∴ The total amount paid for salaries during the year i.e Rs.8450

Focus zone :

• Previous year outstanding is also known as opening outstanding
• Advance for last year is also know as opening advance
• Prepaid salary for next year  is also known as closing advance

Answer 2

Given:

Salary Payable =  Rs, 8500

outstanding salaries = Rs. 300

Salaries paid in advance = Rs. 500

Prepaid salaries = Rs. 250

To Find:

Total amount paid for salaries during the year

Solution:

Payable salary = Salary Payable + Prepaid Salary

= 8500 + 250

= 8750

Net payable salary = Payable salary - Outstanding Salary - Salaries paid in advance

= 8750 - 500 - 300

= 8750 - 800

= 7950

Answer:

Total amount paid for salaries during the year is Rs 7950