Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
- 13 Answers
- 24478 Views
- OPI Global, I also Faced
- E-Mail Answers
Answer Posted / baseer tawheedi
1.
Salary A/c Dr Rs 20,000
To Salary Outstanding A/c Cr Rs 20,000
( Being salary outstanding)
Note: since salary is anture of expese therefore debited
and salary outstanding means salary not yet paid therefore
is a current liability. thus will be credited.
2.
Prepaid insurance A/c Dr Rs 5,000
To cash/Bank A/c Cr Rs 5,000
( Being insurance paid in advance )
Note:- Since insurance is paid in advance therfore is a
current asset.Hence ill be debited and cash decreases or
goes out so will be credited.
| Is This Answer Correct ? | 3 Yes | 2 No |
Post New Answer View All Answers
How Many Category of VAT in West Bengal
Sir My, Que. We recived hotel housing & bording charges so i have dedu. tds when section
Suppose that a sub-contractor total work done for Rs.100 & he charged 10.3% service tax.Then total gross value will RS.110.30.On what amt you will (that means on total work done or total gross value)charged Retention@10%,WCT@3% & TDS@2%.
Whether We can Get the Refund of Service Tax Paid Wrongly to the department.We are not suppose to pay the tax and we knew after that we can adjust that servies tax what we have collected from our client aganst services received from our suppliers.
What is the date of depositing entry tax and submission of return?
What are all include taxation...? What is to be noted in the taxation...? Hints would be highly appreciated.
HOW MUCH PENALY IF SALES TAX IS NOT PAID ON DUE DATE IN HARYANA SALES TAX
DEFINATION OF CONTRACT ACT IN PARTNER SHIP FIRM AND COMPANY?
how to pass service tax reverse charge entry pass in books
Basing on what we can made TDS payment
WHAT IS THE PORVISION OF INCOME TAX & SELF ASSESSMENT TAX AFTER AUDIT IN PVT LTD CO & LTD CO , PLEASE GIEVE ANSWER IN DETAIL WITH ENTERY TO MY E-MAIL ADDRESSS
What is calculate of tds
how much TDS required in telecommunication services ? Any types of Telecommunication, provider or services receiver
what is cenvet credit in vat.
WCT charged on firm or on proprietor?
