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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
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 Accounting General interview questions  Accounting General Interview Questions (2777)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
WE have paid two month Advance salary on dated 03 June 2010.
What will be journal entry inthe month of june for advance 
payment. And what will be journal entry in the month of 
july and August for salary adjustment.
 Question Submitted By :: Verma
I also faced this Question!!     Rank Answer Posted By  
 
  Re: WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment.
Answer
# 1
ADVACE SALRY A/C DR 10000
TO BANK/ CASH 10000
( BEING ADVANCE PAID FOR THE MONTH OF JULYAND AUG 5K+5K IN
THE MONTH OF JUNE)
 
Is This Answer Correct ?    34 Yes 0 No
Raj
 
  Re: WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment.
Answer
# 2
Bank/Cash 10,000(cr)
Adv Salary 10,000(dr)

Being adv salary paid for the month of july & aug 5k+5k
 
Is This Answer Correct ?    3 Yes 26 No
Chanchaldaw
 
 
 
  Re: WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment.
Answer
# 3
Advance Salary A/c RS. 20000/- DR
TO BANK/CASH RS.20000/- CR

BEING ADV AMOUNT PAID FOR M/O JUL & AUG'10 RS, 10K & 10k
RESPECTIVALY.

ENTRY FOR M/O JULY & AUG'10

SALARY A/C RS. 10000/- DR
Advance Salary A/c Rs. 10000/- CR

BEING AMOUNT OF ADV SLY ADJUSTED FOR SLY DUE IN M/O JUL'10

SAME AS M/O AUG'10
 
Is This Answer Correct ?    18 Yes 0 No
Gagan Singh
 
  Re: WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment.
Answer
# 4
If Salary is 20000 p.m

in June
Salary Advance A/c Dr.40000
to Cash/ Bank A/c 40000
(Being the Adv. Salary paid for the month of July & Aug)

In july

Salary A/c Dr. 20000
to Salary Advance A/c 20000
(Being the Salary Advance recovered for July)

In August
Salary A/c. Dr. 20000
Salary Acvance A/c 20000
(Being the Salary Advance recovered for Aug )
 
Is This Answer Correct ?    13 Yes 1 No
Naveen
 
  Re: WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment.
Answer
# 5
advance salary *****
To cash *****

(salary of july nd august paid in adv)


transaction for july
salary a/c dr ***
to adv salary ****

for august

salry a/c dr ****

to adv salary
 
Is This Answer Correct ?    2 Yes 1 No
Bipinchandrajain
 

 
 
 
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