Multiple Choice Questions on Ram paid rent 50000 in the year But actual rent was 4000 pm Here ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Ram paid rent 50000 in the year But actual rent was 4000 pm Here ........

General Accounting Principles Accounting cycles
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    Ram paid rent 50000 in the year. But actual rent was 4000 pm. Here

    2000 is outstanding expenses

    Incorrect Answer

    Accrued expense
     

    Incorrect Answer

    Prepaid expense
     

    Correct Answer

    None of the above

    Incorrect Answer
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    Explanation:

    total rent - 4000x12 = Rs.48000 to be recorded in profit & loss account while rest 2000 rupees are assets for the entity and will be shown on the assets side.

    By: NIHARIKA WALIA
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