Answer Posted / mudunoori

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.

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