Answer Posted / s p yadav

Salary A/c Dr 12000/-
1.
To PF Employee Cont.A/c 780/-
To Employee Advance A/c 2000/-
To Salary Payable A/c 9220/-

Salary Booked on 31st March'2011

2.
Salary Payable A/c Dr. 9220/-

To Bank / Cash 9220/-

Salary Paid for the month of March_2011.

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8288

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6053

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1432

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8077

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1058

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7105

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1666

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6450

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1079

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1037

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1090

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2141

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2916

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2599

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While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated

2275

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