salary is which type of account??
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Answer / madhav
USUALLY SALARY IS A NOMINAL ACCOUNT IN NATURE. AND ANY
EXPENSES SHOULD BE DEBITED TO THE CONCERNED ACCOUNT WITH
CASH OR BANK.
THE MAIN REASON WOULD BE:
DEBIT ALL EXPENSES &
CREDIT WHAT GOES OUT.
THE JOURNAL ENTRY WOULD BE :
SALARY A/C Dr XXXX
TO CASH/BANK A/C XXXX
(being salary paid through cash or bank )
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Answer / naresh
Salary Account is Nominal Account., because according to
Nomical Account Formula : Income & Gains = Credit
Expenses & Loss = Debit
So,salary account is goes under group of Incoem & Expenses.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / suresh kumar
It is a nature of Nominal Account. because accourding to
the Account Method :-
DEBIT ALL EXPENSES
CREDIT WHAT GOES OUT.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / santhosh
salary is the expense of every organisation. so it will go under nominal account. nominal account principal is debit : all expenses and losses credit: all incomes and gains
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / ankama rao
salary is nominal a/c
the basic principle is
debit all expenses and losses
credit all incomes and gains
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / satyaki_raju@yahoo.com
Dear Anuj pl open immediately your commerce bok of
intermediate standard and confirm your answer.If you are
not aware of fundamentals of accounting principles you
should not be recognised as commerce knowing person
Mr Chandu confirming slary as expenses you are narrating
the rule of nominal account as what comes in and what goes
out.Why are you not taking while answering
Mr Piyush where are you
Mr Pradeep Kumar pl wake up and open your intermediate book
I will send and educate you with my interview question
papers. pl send your e-mail
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Answer / faisal adam (fdabeeco)
a salary is an expense which lobuor is belong to get end of
everymonth
| Is This Answer Correct ? | 1 Yes | 2 No |
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