Answer / satyaki_raju@yahoo.com

Mr Jeetu prepaid salary means advance salary
According to you the salary account will be over valued
The right entry is
Advance salary a/c dr
To Cash/bank a/c
(Being advance salary paid)
In the month of April the entry will be like this
salary a/c dr
To Advance salary a/c
(Being advance given in the last year now adjusted)

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Answer / indra

step1. when transaction take place then

prepaid salary A/c Dr
To cash A/c
Step2. at the time of Adjustment
Salary A/c Dr
To prepaid salary A/c

Answer / sunil

Imagine a Persons's Salary is 5000/- He taken advance salary of 2000/-.Then the journal entry will be ..

Advance Salary A/c 'Dr' 2000.00
To Cash/Bank 2000.00

After maturity of his salary, the entry will be,

Salary A/c 'Dr' 5000.00
To Advance Salary 2000.00
To Cash/Bank 3000.00

Answer / shivam kumar

In the month 31st march
Prepiad salary A/c Dr
To Cash / Bank A/c
In the month 1st April
salary A/c Dr
To Prepaid salary A/c

Answer / vijay

prepaid sal a/c
to sal a/c

Answer / ranganath

Prepaid salary a\c dr
to Cash Account


Adjusting Entries

Salary a\c dr
to Prepaid salary account

Answer / vinod

prepaid salary a/c dr
to cash a/c

Answer / aneesh ramanath

Dr:prepaid salary to
Salary payable
April - salary payable to prepaid salary

Answer / jeetu

by Salary A/c
to Cash A/c

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