DEAR ALL,
HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN
ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c
AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know
whether it is correct or not. If correct, in my individual
ledger no entry is reflected. Alternatively, if I debit my
self and credit petty cash a/c it is reflected in the P & L
Account, but it is not an expense. and not reflected in the
balance sheet, but reflected in P & L. I think I need to
put a journal entry. Like debiting the salary account and
crediting the salary advance account. Is this correct or
not? Can any one help me please. my mail add:
cdvijay100@yahoo.co.in or kmlnkml@live.com
- 13 Answers
- 50628 Views
- I also Faced
- E-Mail Answers
Answer Posted / altaf hussain
If you take a salary advance you have to create your
personal account and debit the amount to your personal
account. It means this amount is reflecting in the balance
sheet under sundry debtors. While creating the personal
account the account should be under current assets.
Journal Entry :
ABC account Dr
To Cash
(Being salary advance paid to Mr.ABC)
| Is This Answer Correct ? | 59 Yes | 14 No |
Post New Answer View All Answers
what are the aspects an auditor has to see when he/she is doing the Purchase,Sales and Journal Vouching
What are Home Equity Loans ?
what is the document spliting?
what is GL Balance
what is data entry? what is report generation ?in accounting how it is used .
why do think you are best candicate for this post.
How now about sales tax and purchase tax.what is the persentage of those thing in tamil nadu.
Define Payee
HOW TO PASTE MORE THAN 8 PO'S (PURCHASE ORDER) IN MM posting?
whether unsecured loans written off can be transferred directly to capital reserve without crediting it to profit and loss account
how we could adj. the entries of prop. & firm in merging time
what are the customization u have done in sap mm
Guest expenses Rs 5500/-on behalf of partner Aravind was written as Hospitality. Rectify it
What is the base for issuing of C-form date of sale or date of purchase since goods sent by one quarter ended may reach in next quarter.
what is the cost and financial accounting? what is double entry system ?
