the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?

Answers were Sorted based on User's Feedback



the amount paid aganist the outstanding salary and the amount paid aganist the loan (liabilities)-..

Answer / dillip kumar dash

The out standing salary is also a current liabilities and it
should be entered as

Dr. Bills payable or Salary Payable
Cr. Cash or bank

The Loan is also a liability and the entry should be entered as:

Dr. Loans
Cr. Cash or Bank

Is This Answer Correct ?    10 Yes 0 No

the amount paid aganist the outstanding salary and the amount paid aganist the loan (liabilities)-..

Answer / h.r. sreepada bhagi

When Salary was accrued, entry should have been made to book
the expense as:-
Salary A/c Dr. (under Expenses head) - Rs.5000/-
Salaries Payable A/c Cr. (under Current Liabilities)Rs.5000/-

When payment is made:-
Salaries payable A/c Dr. - Rs.5000/-
Cash or Bank A/c Cr. - Rs.5000/-

When loan is repaid (assuming interest is also paid):-
Loan A/c Dr. - Rs. 50000/-
Interest on Loan A/c Dr. - Rs. 2000/-
Bank or Cash A/c Cr. - Rs. 55000/-

Is This Answer Correct ?    3 Yes 0 No

Post New Answer

More Accounting General Interview Questions

I want to see company ROC no can you please tell me where it should be mentioned.

1 Answers  


what is three equity security data points

1 Answers  


WHY U HAVE CHOOSE ICWA WHY NOT CA

0 Answers   RRB,


What is the basic entries of cash and bank with a trading company.

1 Answers   F4, SMGT,


i want to wearies heads under direct expenses and indirect expenses

0 Answers  






what is the definition of derivative, what is a security?

2 Answers  


what is accounting disclosure

2 Answers   ACS,


What is the difference of Fund Flow Statement and Cash Flow Statement?

1 Answers  


IN ONE OF THE MAUNUFACTURING COMPANY, THE MANAGMENT WAS VERY MUCH INTERESTED TO INTRODUCE ERP(IT IS FOREIGN SOFTWARE)BASED ON SOME ATTRACTIVE FEATURES EXPLAINED BY THE ERP SOFT WARE COMPANY/AGENCY . THE ACCOUNTING STAFF ARE ALL CONVERCENT WITH TALLY ACCOUNTING PACKAGE(INDIAN ACCOUNTING METHOD). THEREFORE THEY WOULD LIKE TO KNOW THAT (I) WHAT ARE THE DIFFERENCE BETWEEN A TRIAL BALANCE FROM NORMAL TALLY ACCOUNTING AND ERP GENREATED TRIAL BALANCE (2) SINCE THE BOTH THE TRIAL BALANCE WILL BE HAVING DIFFEERENT DATAS HOW SOME ONE CAN MAKE A FINAL ACCOUNT SUCH AS TRADING A/C PROFIT & LOSS ACCOUNT AND BALANCE SHEET AS PER INDIAN COMPANIES ACT. THE TRIAL BALANCE AS PER ERP SHOW SOME COST OF PRODCUTION A/C, LABOUR/MATERIAL/VALUE VARIANCE A/C. SAY ALL THESE VARIANCE ARE CORRECT AND BASED ON THE ACTUAL TRANSACTION TAKEN PLACE, HOW SOMEONE CAN A FINAL ACCOUNT MEANT FOR INDIAN ACCOUNTING POLICY WHICH TO BE SUBMITTED TO VARIOUS GOVT BODIES? I AM TOTALLY CONFUSED

1 Answers  


Who is Sundry Debtor and who is the sundry creditor ?

18 Answers   Finance, Home, Reliance,


What is the difference between deferred revenue and accrued revenue?

0 Answers  


1. Why do wish to study in canada in the program for which you have been accepted? 2. What is your overall education goal? 3. Why are you pursuing a similar program in your country of residence/citizenship? 4. What research have you done into studies in your country of residence/citizenship? 5. How will this program enchance your employment opportunities in your country of residence? please send me all possible answer i hope your answer will help me a lot...

0 Answers  


Categories