Question

What would be the effect on the income statement/profit & loss account if office salaries of Rs. 500 had not been accounted?

Answer 1

If there is profit than it will be 500rs extra

And if it is loss then 500rs liss is less recorded

Answer 2

A sinecure... is an office, carrying a salary or otherwise generating income, that requires or involves little or no responsibility, labour, or active service.