ACCURED EXPENSE

Question No 1
A person has appointed in a job at ABC & Co on 1st Jan 2018 Salary per month was agreed Rs 20,000.
Salary is required to be paid in arrears after the end of the month. Accounting period ends on 31
Dec.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

Question No 2
A person has appointed in a job at ABC & Co on 1st July 2018 Salary per month was agreed Rs 30,000.
Salary is required to be paid quarterly in arrears after the end of each Quarter. Accounting period
ends on 31 Dec.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

Question No 3
A person has appointed in a job at ABC & Co on 1st Jan 2018 Salary per month was agreed Rs 20,000.
Salary is required to be paid in arrears after the end of the month. Accounting period ends on 31
Dec. Salary is subject to increase at the rate @25% after the end of 1 year agreement.
Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

Question No 4
A person has appointed in a job at ABC & Co on 1st July 2018 Salary per month was agreed Rs 30,000.
Salary is required to be paid quarterly in arrears after the end of each Quarter. Accounting period
ends on 31 Dec. Salary is subject to increase at the rate @20% after the end of 1 year agreement.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

Question No 5
A person has appointed in a job at ABC & Co on 1st May 2018 Salary per month was agreed Rs
30,000. Salary is required to be paid quarterly in arrears after the end of each Quarter. Accounting
period ends on 31 Dec.
Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

1|Page By Abdul Rehman Mirza

0347-3806858
Question No 6
A person has appointed in a job at ABC & Co on 1st May 2019 Salary per month was agreed Rs
30,000. Salary is required to be paid quarterly in arrears after the end of each Quarter. Accounting
period ends on 31 Dec. Salary is subject to increase at the rate @20% after the end of 1 year
agreement.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Expense Account
3. Salaries Payable

ACCURED INCOME
Question No 1
A person has appointed in a job at ABC & Co on 1st Jan 2018 Salary per month was agreed Rs 20,000.
Salary is required to be received in arrears after the end of the month. Accounting period ends on 31
Dec.

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

Question No 2
A person has appointed in a job at ABC & Co on 1st July 2018 Salary per month was agreed Rs 30,000.
Salary is required to be received quarterly in arrears after the end of each Quarter. Accounting
period ends on 31 Dec.

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

Question No 3
A person has appointed in a job at ABC & Co on 1st Jan 2018 Salary per month was agreed Rs 20,000.
Salary is required to be received in arrears after the end of the month. Accounting period ends on 31
Dec. Salary is subject to increase at the rate @25% after the end of 1 year agreement.
Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

2|Page By Abdul Rehman Mirza

0347-3806858
Question No 4
A person has appointed in a job at ABC & Co on 1st July 2018 Salary per month was agreed Rs 30,000.
Salary is required to be received quarterly in arrears after the end of each Quarter. Accounting
period ends on 31 Dec. Salary is subject to increase at the rate @20% after the end of 1 year
agreement.

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

Question No 5
A person has appointed in a job at ABC & Co on 1st May 2018 Salary per month was agreed Rs
30,000. Salary is required to be received quarterly in arrears after the end of each Quarter.
Accounting period ends on 31 Dec.
Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

Question No 6
A person has appointed in a job at ABC & Co on 1st May 2019 Salary per month was agreed Rs
30,000. Salary is required to be received quarterly in arrears after the end of each Quarter.
Accounting period ends on 31 Dec. Salary is subject to increase at the rate @20% after the end of 1
year agreement.

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Salaries Income Account
6. Salaries Receivable

Question No 7
A person has appointed in a job at ABC & Co on 1st May 2019 Salary per month was agreed Rs
30,000. Salary is required to be received quarterly in arrears after the end of each Quarter.
Accounting period ends on 30 June. Salary is subject to increase at the rate @20% at the start of the
year agreement.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Salaries Income Account
3. Salaries Receivable

Prepaid Expenses:
Question No 1
Insurance premium paid for the 12 month ended 31 march 2019 was paid on 1 April 2018 amounting
Rs 120,000 year end for the business is 31 December

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Insurance Expense Account

3|Page By Abdul Rehman Mirza

0347-3806858
 3. Prepaid Insurance

Question No 2
Rent agreement was signed on 1st June 2018 and rent per month agrees was Rs 30,000, Required to
be paid quarterly in advance at the start of each quarter, year ended is 31 December.

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Insurance Expense Account
3. Prepaid Insurance

Question No 3
Rent agreement was signed on 1st June 2018 and rent per month agrees was Rs 30,000, Required to
be paid quarterly in advance at the start of each quarter, year ended is 31 December. Rent is subject
to increase at the rate @20% after the end of 1 year agreement

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Rent Expense Account
3. Prepaid Rent

Unearned Income:
Question No 1
Insurance premium Received for the 12 month ended 31 march 2019 was received on 1 April 2018
amounting Rs 120,000 year end for the business is 31 December

Required:
1. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
2. Insurance income Account
3. Unearned Insurance Premium

Question No 2
Rent agreement was signed on 1st June 2018 and rent per month agrees was Rs 30,000, Required to
be Received quarterly in advance at the start of each quarter, year ended is 31 December.

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Rent Income Account
6. Unearned Rent Income

Question No 3
Rent agreement was signed on 1st June 2018 and rent per month agrees was Rs 30,000, Required to
be paid quarterly in advance at the start of each quarter, year ended is 31 December. Rent is subject
to increase at the rate @20% after the end of 1 year agreement

Required:
4. Journal Entries including adjustment for the year ended 31 Dec 2018 and 31 Dec 2019
5. Rent income Account
6. Unearned Rent Income.

4|Page By Abdul Rehman Mirza

0347-3806858