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Categories >> Accounting >> CompanyAffairs CS
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1898)
 Accounting General interview questions  Accounting General Interview Questions (2808)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4359)
Question
what is the Journal entry for Salaries outstanding? Giv an 
example.
 Question Submitted By :: CompanyAffairs-CS
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
salary ..................dr
to salary out standing a/c.
(being salary due)

while payment.
salary outstanding a/c......dr
to bank a/c.
(being payment made clear.)
 
Is This Answer Correct ?    249 Yes 8 No
Moti
 
Answer
# 2
Salary A/c Dr.
To Salary Outstanding A/c.

(Being Salary Due)

While Payment

Salary Outstanding A/c Dr.
To Bank/Cash A/c
(Being Payment Clear)
 
Is This Answer Correct ?    108 Yes 3 No
Niranjana
 
 
 
Answer
# 3
Salary ..................dr
to salary payable a/c.
(being salary due)



while making the payment.

salary payable a/c......dr
To bank/Cash a/c.
(being payment made clear.)
 
Is This Answer Correct ?    107 Yes 15 No
Vijay007in
 
Answer
# 4
Salary a/c Dr.
To Salary outstanding a/c

(being salary due)

while salary paid

Salary outstanding a/c

To Cash/bank
(being salary paid)
 
Is This Answer Correct ?    70 Yes 3 No
Vikki Kumar
 
Answer
# 5
Salaries a/c Dr xxxx
To Outstanding salaries xxxx

(Being salaries payable or outstanding)

*** Salary is expense to business so as per Nominal account
all Expenses should be Debit

*** Outstanding means not yet paid so it is liability. So it
should be credited
 
Is This Answer Correct ?    51 Yes 2 No
Murali Royal
 
Answer
# 6
Salary A/c Dr.
To Salary Outstanding A/c.
 
Is This Answer Correct ?    27 Yes 4 No
Shailendra Bijalwan
 
Answer
# 7
Salariesa/c dr
To outstanding salary a/c
(Being salary is due / outstanding )

When it paid , then
Outstanding salary a/c dr
To bank a/c / cash a/c
 
Is This Answer Correct ?    11 Yes 0 No
Aditya Kumar
 
Answer
# 8
if Salary is outstanding
make the entry as follows
SALARY A/C DR
TO PF A/C CR
TO ESIC A/C CR
TO P.T. A/C CR
TO SALARY PAYABLE A/C CR
 
Is This Answer Correct ?    17 Yes 8 No
Rupesh
 
Answer
# 9
it will be
Salaries A/c Dr
To Salaries outstanding A/c

when it is paid it will be

salaries A/c Dr
To Cash A/c

 
Is This Answer Correct ?    139 Yes 133 No
Kavita
 
Answer
# 10
salaries a/c dr
To salary outstanding A/c
Being salary due

payment entry:

salary outstanding a/c
To Cash/Bank a/c
Being payment made

Reason: first we credited salary outstanding a/c it was nullified when it is debited.If cash paid cash a/c if payment made by cheque Bank a/c


then final entry

salary a/c dr
To Cash/Bank A/c
Being salary clear
 
Is This Answer Correct ?    2 Yes 0 No
Balu
 

 
 
 
Other CompanyAffairs CS Interview Questions
 
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Is labour act applicable for firms?   1
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what is nse freefloat capitalization Capital-IQ 8
what is deferred profit ?   2
Can we finalize Balance Sheet Without prepare Profit & Loss Account.   15
whether stamp duty paid online through MCA 21 portal is refundable; if it is paid twice   1
What is preferential order of payment to the following in the event of winding up a company? What is the correct order??? 1.Bank loan(secured) 2.Preference share capital 3.Debentures 4.Equity shares   1
What is Amalgamation   3
what is mergers and acqusitions? what is holding company? Brigade 2
is cs equivalent to post graduation course?   2
 
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