What's the general entry for Prepaid salary on 31st march?
Answers were Sorted based on User's Feedback
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)
I am a Tax Practitioner doing since 35 years. With a view
to train up youth and unemployed I composed 6 set of papers
base on Accountantancy and Taxation. Regular candidates of
this site is making use of them. If interested let me know
your e-mail
Is This Answer Correct ? | 67 Yes | 6 No |
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
Is This Answer Correct ? | 30 Yes | 2 No |
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
Is This Answer Correct ? | 18 Yes | 0 No |
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
Is This Answer Correct ? | 17 Yes | 3 No |
Answer / ranganath
Prepaid salary a\c dr
to Cash Account
Adjusting Entries
Salary a\c dr
to Prepaid salary account
Is This Answer Correct ? | 8 Yes | 2 No |
Answer / aneesh ramanath
Dr:prepaid salary to
Salary payable
April - salary payable to prepaid salary
Is This Answer Correct ? | 4 Yes | 2 No |
who elect board of directors in company?
What is FBT?(freingh benefit tax)
What is the diffrecnce between liabilities and owner's equity?
Let me know why we debit expenses and credit revenues
Expand---------STRP
please give me a last 10 years sbi clerk question and answer paper
my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
Expand-----DRM
Expand R B I
What are the accounting principles or concepts.Expalin briefly.
6 Answers Capital IQ, Genpact, Hyundai,
Expand E M I
what are tangible assets?