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The following information is provided of M/s Raj Petro for the year enced on 31st December 2018:(i) Actual Salaries paid Rs. 1,02,000(ii) Prepaid Salaries as on 31.12.2017 is Rs. 12.000(ii) Prepaid Salaries as on 31.12.2018 is Rs. 6,000(iv) Outstanding Salaries as on 31.12.2017 is Rs. 9,000(v) Outstanding Salaries as on 31.12.2018 is Rs. 7,500Calculate the amount of Salaries chargeable to Income and Expenditure account for the year ending on 31 December 2018.

A.
Rs. 1,18,500
B.
Rs. 1,06,500
C.
Rs. 91,500
D.
Rs. 82,500

Solution:

Statement of Salaries for the year ended December 31, 2018ParticularsRs. Amount paid for Actual Salaries1,02,000Add: Prepaid Salaries as on 31. 12. 201712,000Less: Prepaid Salaries as on 31. 12. 20186,000Less: Outstanding Salaries as on 31. 12. 20179,000Add: Outstanding Salaries as on 31. 12. 20187,500Total106500Salaries chargeable to Income and Expenditure account = Rs. 1,06,500

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