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From the following information calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21. Information Salary paid during the year was ₹ 65,000 Total salary outstanding as on 1-4-2020 was ₹ 12,000 Total salary outstanding as on 31-3-2021 was ₹ 16,000?
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From the following information calculate the amount of salary to be ch...
Calculation of Salary to be charged to Income and Expenditure account for the year 2020-21


  • Total salary paid during the year = ₹ 65,000

  • Total salary outstanding as on 1-4-2020 = ₹ 12,000

  • Total salary outstanding as on 31-3-2021 = ₹ 16,000

  • To calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21, we need to take into account the following:


    • Salary paid during the year is an expense for the year and will be charged to Income and Expenditure account.

    • Salary outstanding as on 1-4-2020 is an expense for the current year and will also be charged to Income and Expenditure account.

    • Salary outstanding as on 31-3-2021 is a liability for the current year and will not be charged to Income and Expenditure account.


  • Therefore, the amount of salary to be charged to Income and Expenditure account for the year 2020-21 will be:


    • Salary paid during the year = ₹ 65,000

    • Salary outstanding as on 1-4-2020 = ₹ 12,000

    • Total salary to be charged to Income and Expenditure account = ₹ 65,000 + ₹ 12,000 = ₹ 77,000




Therefore, the amount of salary to be charged to Income and Expenditure account for the year 2020-21 is ₹ 77,000.
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From the following information calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21. Information Salary paid during the year was ₹ 65,000 Total salary outstanding as on 1-4-2020 was ₹ 12,000 Total salary outstanding as on 31-3-2021 was ₹ 16,000?
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From the following information calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21. Information Salary paid during the year was ₹ 65,000 Total salary outstanding as on 1-4-2020 was ₹ 12,000 Total salary outstanding as on 31-3-2021 was ₹ 16,000? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following information calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21. Information Salary paid during the year was ₹ 65,000 Total salary outstanding as on 1-4-2020 was ₹ 12,000 Total salary outstanding as on 31-3-2021 was ₹ 16,000? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following information calculate the amount of salary to be charged to Income and Expenditure account for the year 2020-21. Information Salary paid during the year was ₹ 65,000 Total salary outstanding as on 1-4-2020 was ₹ 12,000 Total salary outstanding as on 31-3-2021 was ₹ 16,000?.
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