Mathematics · Financial Accounting and Adjustments
A business prepares its accounts for the financial year ending March 31, 2026. It has Outstanding Salaries of 12,000 and Prepaid Insurance of 5,000. During the year, Salaries paid were 1,40,000 and Insurance paid was 25,000. What are the final amounts to be charged to the Profit and Loss Account for Salaries and Insurance respectively?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Salaries: 1,40,000; Insurance: 25,000
- 2Salaries: 1,52,000; Insurance: 30,000
- 3Salaries: 1,52,000; Insurance: 20,000✓
- 4Salaries: 1,28,000; Insurance: 30,000
Correct answer
Salaries: 1,52,000; Insurance: 20,000
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