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Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013 Salary outstanding as on 31.03.2012 Rs. 25,000 Salary outstanding as on 31.03.2013 Rs. 10,000 Prepaid Salary on 31.03.2012 Rs. 10,000 Salary paid in cash during the year Rs. 3,00,000
  • a)
    Rs. 3,00,000
  • b)
    Rs. 2,95,000
  • c)
    Rs. 3,05,000
  • d)
    Rs. 3,10,000
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Calculate amount of Salary debited to profit and loss A/c for the year...
Calculation of Salary Debited to Profit and Loss A/c for the Year Ending 31.03.2013

Given Information:
Salary outstanding as on 31.03.2012 = Rs. 25,000
Salary outstanding as on 31.03.2013 = Rs. 10,000
Prepaid Salary on 31.03.2012 = Rs. 10,000
Salary paid in cash during the year = Rs. 3,00,000

Step 1: Calculate the total salary expense for the year
Total salary expense = Salary outstanding as on 31.03.2012 + Salary paid in cash during the year - Prepaid salary on 31.03.2012 - Salary outstanding as on 31.03.2013
= Rs. 25,000 + Rs. 3,00,000 - Rs. 10,000 - Rs. 10,000
= Rs. 2,95,000

Step 2: Debit the total salary expense to Profit and Loss A/c
Salary debited to Profit and Loss A/c = Total salary expense
= Rs. 2,95,000

Therefore, the correct option is B) Rs. 2,95,000.
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Community Answer
Calculate amount of Salary debited to profit and loss A/c for the year...
25000 salary outstanding for previous year so we deduct it from current year salary payment. current year o/s (outstanding) is added to 300000. previous year prepaid expense is also considered as for current year salary expense. 3,00,000-25, 000+10, 000+10, 000=2, 95,000
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Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013Salary outstanding as on 31.03.2012 Rs. 25,000Salary outstanding as on 31.03.2013 Rs. 10,000Prepaid Salary on 31.03.2012 Rs. 10,000Salary paid in cash during the year Rs. 3,00,000a)Rs. 3,00,000b)Rs. 2,95,000c)Rs. 3,05,000d)Rs. 3,10,000Correct answer is option 'B'. Can you explain this answer?
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Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013Salary outstanding as on 31.03.2012 Rs. 25,000Salary outstanding as on 31.03.2013 Rs. 10,000Prepaid Salary on 31.03.2012 Rs. 10,000Salary paid in cash during the year Rs. 3,00,000a)Rs. 3,00,000b)Rs. 2,95,000c)Rs. 3,05,000d)Rs. 3,10,000Correct answer is option 'B'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013Salary outstanding as on 31.03.2012 Rs. 25,000Salary outstanding as on 31.03.2013 Rs. 10,000Prepaid Salary on 31.03.2012 Rs. 10,000Salary paid in cash during the year Rs. 3,00,000a)Rs. 3,00,000b)Rs. 2,95,000c)Rs. 3,05,000d)Rs. 3,10,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Calculate amount of Salary debited to profit and loss A/c for the year ending 31.03.2013Salary outstanding as on 31.03.2012 Rs. 25,000Salary outstanding as on 31.03.2013 Rs. 10,000Prepaid Salary on 31.03.2012 Rs. 10,000Salary paid in cash during the year Rs. 3,00,000a)Rs. 3,00,000b)Rs. 2,95,000c)Rs. 3,05,000d)Rs. 3,10,000Correct answer is option 'B'. Can you explain this answer?.
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