Question :
Salary paid by Lancer Club for the year is Rs.1,80,000. Outstanding salary in the beginning and end of the year is Rs.10,000 and Rs.6,000 respectively. The amount to be debited to Income and Expenditure Account will be:
Option 1:
Rs.1,84,000
Option 2:
Rs.1,90,000
Option 3: Rs.1,86,000
Option 4: Rs.1,76,000
Correct Answer: Rs.1,76,000
Solution : Amount debited to Income and Expenditure = Closing outstanding + Salary paid - Opening outstanding = Rs.6,000 + Rs.1,80,000 - Rs.10,000 = Rs.1,76,000. Hence, the correct option is 4.
General donations are treated as:
Receipts and Payments Account does not include
Which of the following is not a feature of a
An account akin to Profit and Loss Account in
Any amount received as per the will of a
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