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Suppose salaries paid during the year2014 $10 salaries unpaid on31st Dec2013 $20 salaries prepaid on31st Dec2013 $500 salaries unpaid on31st Dec2014 $2200 salaries prepaid on31st Dec2014 $800
salaries paid during the year2014 $10
Less: salaries unpaid on31st Dec2013 $20
Add: salaries prepaid on31st Dec2013 $500
Add: salaries unpaid on31st Dec2014 $2200
Less: salaries prepaid on31st Dec2014 $800
Add 2014 salary paid $ 10
Less 2013 Salary Payable $ 20
Add 2013 Salary Prepaid $ 500
Add 2014 Salary Payable $ 2200
Less 2014 Salary Prepaid $ 800
Total Amount to be Debited $ 1890
calculation of Amount to be debited to income & expenditure account in respect of salaries
For the year ended december2014 ( amount in $)
salaries paid during the year2014 10
Less: salaries unpaid on31st Dec2013 (20)
Add: salaries prepaid on31st Dec2013 500
Add: salaries unpaid on31st Dec2014 2200
Less: salaries prepaid on31st Dec2014 (800)
Amount to be debited to Income & Expenditure Account 1890
