"i have received half of the salary in advance and another
half in the end of month" what will be the journal entry for
this?
Answers were Sorted based on User's Feedback
Answer / narendra kumar singh
There will be two entries for this in the books of employer:
1. entry at the time of paying salary advance (half month
salary)
Dr. Salary Advance A/c
Cr. Cash/Bank A/c
2. entry at the time of paying half month salary in the end
of the month.
Dr. Salary A/c (full monthly Salary)
Cr. Salary Advance A/c ( half salary)
Cr. Cash/Bank A/c
Is This Answer Correct ? | 50 Yes | 5 No |
Answer / dheer singh rathore
There will be two entries for this in the books of employer:
1. entry at the time of paying salary advance (half month
salary)
Dr. Salary Advance A/c
Cr. Cash/Bank A/c
2. entry at the time of paying half month salary in the end
of the month.
Dr. Salary A/c (full monthly Salary)
Cr. Salary Advance A/c ( half salary)
Cr. Salary Payable A/c
Is This Answer Correct ? | 13 Yes | 6 No |
Answer / rohit bajaj
At the time receive advance
Salary Advance Dr
cash/bank cr
At the end of month entry for salary due
Salary (full amt) Dr
salary Advance Cr
Esi Payable (If gross salary =15000 @1.75%) Cr
P f Payable (if Basic < = 6500 @12%) Cr
Salary Payable Cr
At the time of payment
Salary Payable Dr
Bank/cash cr
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / yogendra.c
In the books of Employee (Receiver)
----------------------------------
1. Advance Salary:
Dr. Bank A/c
Cr. Advance Salary from X Company A/c (Liability)
2. Regular Salary Receipt
Dr. Bank A/c
Cr. Salary Receivable A/c
3. Provision Entry
Dr. Advance Salary A/c
Dr. Salary Receivable A/c
Cr. Salary A/c
4. Closing Entry
Dr. Salary A/c
Cr. P&L A/c
In the books of Employer (Companies)
------------------------------------
1. Advance Salary
Dr. Advance Salary to Mr.Y A/c
Cr. Bank A/c
2. Provision Entry
Dr. Salary A/c
Cr. Advance Salary to Mr. Y A/c
Cr. Salary Payable A/c
3. Payment Entry
Dr. Salary Payable A/c
Cr. Bank A/c
4. Closing Entry
Dr. P&L A/c
Cr. Salary A/c
Any other doubts??
mail me at delip.yogendra@gmail.com
Is This Answer Correct ? | 2 Yes | 1 No |
Answer / harish kumar
There will be two entries for this entry
1. First advance half salary.
Dr. Advance (Name of the Person)Ram Lal A/c
Cr. Cash / Bank A/c
2. Second when you book salary
Dr. Salary Paid A/c
Cr. advance (Name of the person) Ram Lal A/c
Cr. Salary Payable A/c
Advance Ram Lal account will be Nil.
Is This Answer Correct ? | 5 Yes | 5 No |
Answer / shivashankar
There will be two entries for this entry
1. First advance half salary.
Dr. Advance (Name of the Person)Ram Lal A/c
Cr. Cash / Bank A/c
2. Second when you book salary
Dr. Salary Paid A/c
Cr. advance (Name of the person) Ram Lal A/c
Cr. Salary Payable A/c
Is This Answer Correct ? | 0 Yes | 1 No |
Tell me did you use accounting applications at your previous companies or prefer working manually?
How to pass workscontract sale invoice which includes WCT & VAT.
Tell me how can you explain the basic accounting equation?
2- What is the difference between cash book and journals?
If we give a discount to any customer on our invoice & issue a credit note of discount than what will be the group of discount in tally. please suggest me.
in Sensex and Nifty, what is the measure to take the points
parent company loss deduct from subsidiary company proft
What accounting Treatment we should do while we received Amount Rs 39200 After deducting Tds 800 From Invoice Amount 40000. Kindly also explain for deducting Tds should be booked under which Head of Tally.
in reply of sreedapa answer ,suppose for the m/o march telephone expense is Rs.800 and for the m/o april Rs.200 For this we will pass tthis entry : Telephone expenses Dr 800 To Tel expenses payable 800 Telephone Expenses Payable Dr 800 to Bank/cash 800 (For the m/o march) And for the m/o april, we will make the provision in the m/o March Telephone expenses Dr. 200 To Telephone Expenses Payable 200 Plz advice
what do you mean by derivative ?
if we import the good from usa rs 50000 and deposite in ware house what is the entry in tally
Explain dual aspect term in accounting?