Salary payable for current year amount to Rs.8500 at the end of the year outstanding salaries amount to Rs.300. Salaries paid in advance last year relating to the current year amounted to Rs.500. Prepaid salaries for the next year amount to Rs.250. Total amount paid for salaries during the year is :
(A) Rs.7550
(B) Rs.7500
(C) Rs.7950
(D) Rs.6550
Answers
Answered by
7
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
Similar questions