Dear Venkata Subbaiah garu It seems you answered it in a 
hurry mood
1. Outstanding salary means Expenditure incurred but not 
paid.Ex. March month salary paid in April.  To know true 
and correct profit You have to Debit salaries account and 
credit Payables a/c . So the entry will be 
Salaries a/c          Dr 20,000/-
Outstanding salaries a/c           20,000/
(Being payable salary for the month brought into account) 
2. Prepaid Insurance means A part of premium belongs to 
next accounting year. So to take actual amount of insurance 
expenditure into account you have to transfer such amount 
which relates to next year. So the entry will be 
  Prepaid Insurance a/c        Dr  
To Insurance a/c
 By crediting the expenditure we are reducing the 
expenditure to the tune of next accounting year.