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
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Answer Posted / narayan
when u taking advance entry is salary adv a/c debited and
cash/bank credited.then at time of salary pass a jv salary
a/c debited salary adv a/c credited.at time of entry cost
centre must be taken.
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