Question 33 Chapter 1 of +2-A
Table of Contents
Calculation of the Number of Expenses
33. In the year ended 31st March 2019 salaries paid amounted to Rs. 2,04,000. Ascertain the amount chargeable to the Income and Expenditure Account for the year ended 31st March 2019 from the following additional information:
| Prepaid Salaries on 31st March 2018 | 24,000 |
| Prepaid Salaries on 31st March 2019 | 12,000 |
| Outstanding Salaries on 31st March 2018 | 18,000 |
| Outstanding Salaries on 31st March 2019 | 15,000 |
The solution of Question 33 Chapter 1 of +2-A
: –
| Income and Expenditure Account |
|||
| Expenditure | Amount | Income | Amount |
| To Salaries a/c (check statement attached) |
92,800 | ||
| BALANCE SHEET (AN EXTRACT) as on 31st March 2019 |
|||
| Particular | Amount | Particular | Amount |
| Outstanding Salaries on 31st March 2019 |
15,000 | Prepaid Salaries on 31st March 2019 | 12,000 |
| Statement Showing stationery used during the year |
||
| Particular | Details | Amount |
| Amount paid for Salaries during the year ended 31st March, 2019 | 2,04,000 | |
| Add: – Prepaid Salaries on 31st March 2018 | 24,000 | |
| Outstanding Salaries on 31st March 2019 | 15,000 | 39,000 |
| 2,43,000 | ||
| Less: – Prepaid Salaries on 31st March 2019 | 12,000 | |
| Outstanding Salaries on 31st March 2018 | 18,000 | |
| 30,000 | ||
| Salaries debited to the Income and Expenditure A/c | 2,13,000 | |
Not-for-Profit Organisations – Meaning and Overview
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Also, Check out the solved question of previous Chapters: –
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
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