Vishwanath & Co. employs a team of 9 workers who were paid - 2,40,000 per month each in the year ending 31st December, 2023. At the start of…

Vishwanath & Co. employs a team of 9 workers who were paid - 2,40,000 per month each in the year ending 31st December, 2023. At the start of 2024, the company raised salaries by 10% to 2,64,000 per month each. On 1 July, 2024 the company hired 2 trainees at salary of 1,26,000 per month each. The workforce are paid salary on the first working day of every month, one month in arrears, so that the employees receive their salary for January on the first working day of February, etc. You are required to calculate: (i) Amount of salaries which would be charged to the profit and loss account for the year ended 31st December, 2024 . (ii) Amount actually paid as salaries during 2024 . (iii) Outstanding salaries as on 31st December, 2024