New emlpoyee was joined on 15th Jan and salary paid on 28th
Feb amt of Rs.20000/- and asked to give the Journal entry
for the Month of Jan, Fed and March (His Monthly Salary is
Rs.8000/-)
Answers were Sorted based on User's Feedback
Answer / raghunath
31st Jan:
Salary A/c Dr. Rs.4000.00
To Outstanding Salary A/c cr. Rs.4000.00
(Being 15days(Joining Dt.15th) salary to be paid)
28th Feb:
Outstanding Salary A/c Dr. Rs.4000.00
Salary A/c Dr. Rs.8000.00
Prepaid Salary A/c Dr. Rs.8000.00
To Cash A/c cr. Rs.20000.00
(Being O/s. Salary paid for the month of Jan, salary paid
for the month of Feb and Prepaid salary for the month of
Mar)
31st Mar:
Salary A/c Dr. Rs.8000.00
To Prepaid salary A/c Cr. Rs.8000.00
(Being March month salary now adjusted from Prepaid salary
a/c)
Is This Answer Correct ? | 54 Yes | 3 No |
Answer / sanjeev dogra
31st Jan.
Salary a/c Dr. 4000
To outstanding salry 4000
(Being salary payable for the m/o jan.)
28th feb.
outstanding salary a/c Dr. 4000
prepaid salary a/c Dr. 8000
Salary a/c Dr. 8000
To cash/Bank a/c 20000
(Being outstanding salary adjusted for the m/o Jan.and
salary paid for the m/o feb.and pepaid salary m/o march)
31st march
salary a/c Dr. 8000
To prepaid salary a/c 8000
(Bing salary adjusted in the m/o feb.)
Is This Answer Correct ? | 18 Yes | 1 No |
Answer / biplab acharjee
Jan: Salary ---- Dr. 4,000
To, Salary Payable 4,000
Feb. 28. : Salary Payable Dr. 4,000
To, Cash 4,000
: Salary ----- Dr. 8,000
Advance Salary ---- Dr. 8,000
To, Cash 16,000
March. : Salary ------ Dr. 8,000
To, Advance Salary 8,000
Is This Answer Correct ? | 8 Yes | 2 No |
Answer / satyaki_raju@yahoo.com
On 31 st January
Salary a/c dr 4000
To Outstanding salary 4000
(salary outstanding for the month of Jan)
On 28th Feb
Salary outstanding a/c dr 4000
salary a/c dr 8000
Advance salary a/c dr 8000
To Cash a/c 20000
(Being Jan outstanding salary,Feb salary along with Advance
for the month of March)
31 st march
Salary a/c dr 8000
To Advance salary a/c 8000
(Being advance given in the month of Feb adjusted now)
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / shabeer shaik
31st Jan:
Salary A/c Dr. Rs.4000.00
To Outstanding Salary A/c cr. Rs.4000.00
(Being 15days(Joining Dt.15th) salary to be paid)
28th Feb:
Outstanding Salary A/c Dr. Rs.4000.00
Salary A/c Dr. Rs.8000.00
Prepaid Salary A/c Dr. Rs.8000.00
To Cash A/c cr. Rs.20000.00
(Being O/s. Salary paid for the month of Jan, salary paid
for the month of Feb and Prepaid salary for the month of
Mar)
31st Mar:
prepaid Salary A/c Dr. Rs.8000.00
To salary A/c Cr. Rs.8000.00
(Being March month salary now adjusted from Prepaid salary
a/c)
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / santosh kulkarni
salaries a/c Dr. 12000.00
salaries advance a/c Dr. 8000.00
To Cash / Bank Cr. 20,000.00
(Being Salary paid for the month of April 15days and Feb Month salary and Rs. 8000.00 paid in advance against salary)
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / narasimha rao
salary paid on 28th feb when entry
for example this employee RAMESH
THE 20000 AMOUNT IS SALARY ADVANCE
RAMESH A/C Dr 20000
to BANK A/C 20000
WHEN JAN AND FEB SALARY PAID
SALARY A/C Dr 12000
To RAMESH A/C 12000
Is This Answer Correct ? | 1 Yes | 0 No |
Answer / raja
15th Jan
Salary A/c Dr Rs.4000
cash A/c Rs.4000
28th feb
Salary A/C Dr Rs. 8000
Incentive A/c Dr Rs.12000
Cash A/c Rs.20000
31th mar
Salary A/c Dr Rs.8000
Cash A/c Rs.8000
Is This Answer Correct ? | 20 Yes | 20 No |
Answer / shivani
Outstanding salary Dr. 4000
Salary A/C Dr. 8000
Prapaid salary Dr. 8000
To BankA/c or Cash A/c 20000
Is This Answer Correct ? | 1 Yes | 1 No |
Answer / s.k.barat
Since the question itself is a little ambiguous any
presumption of either Incentive or Advance Salary / Prepaid
Salary have to be considered as appropriate, however no one
has explained the 'presumptive aspect'
The students would do better by indicating their such
presumptions.
Is This Answer Correct ? | 0 Yes | 0 No |
What is Waybill? from where we will get waybill? what is the procedure of waybill? if we want to transfer a stock from Hyderabad branch to gurgaon branch with in same company what all procedure we have to follow?
13 Answers ABC, Professional Care,
Explain the word Liquidation
Mening of Earning per share?
What is provision and reserve and how u treat in account
13 Answers Accenture, ASD Lab, Capital IQ, Ramky,
Queries for Big4 Articleship : Whether son of CA in practice effects chances.
Expand E P F
What is the difference between cash and mercantile system of accounting? Which according to you is a better system & why?
how to do the finalise of account? what is the step? why we need to do like that?
why was started accounting year as on April 1st
what is debenture ?
2 Answers Capital IQ, Genpact,
What is retained earnings
What are the types of leverage?