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
- 50626 Views
- I also Faced
- E-Mail Answers
Answer Posted / ahmad
ADVANCE SALARY WILL BE OUR PREPAID EXPENSES AND SHOW ON
ASSETS SIDE OF BALANCE SHEET AND WILL BE ADJUSTED FULLY OUR
PARITLLAY AGAINST PAYROLL.
ENTERY WILL BE...
AT THE TIME OF ADVANCE
DR. ADVANCE SALARY AC 25000
CR. CASH/BANK AC 25000
AT THE TIME OF ADJUSTMENT
DR. PAYROLL AC 50000
CR. ADVANCE SALARY AC 25000
CR. SALARY AC 25000
| Is This Answer Correct ? | 10 Yes | 2 No |
Post New Answer View All Answers
How the sub ledgers(AP, AR) integrate with GL liability and receivable
Expand---------ODMT
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
Why it is necessary to use SAP in an industry? & What is the difference from other advance accounts software like Tally ERP 9? What is the importance of using GAAP for best management decission or why GAAP using by Top Management?
My balance sheet is tallied. But there is a difference of RO 1 in cash flow. How to adjust ?
what is the process to return sales tax file?how can i prepared s.t. file?what should be qualification for it?
For how long should prepayments be carried in the books as fictitious asset and when is it ideal for a new coy to pay tax
Can you explain about the distinction of Book-Keeping and Accounting
You been asked to prepare a training class for completing expense statements. What points will you emphasize to insure accurate expense statements are submitted?
what are Equity shares,Preference shares,Bonus shares,Bond,Debentures,Dividend?
Country-Western songs emphasize three basic themes: love, prison and trucks. A survey or the local Country-Western radio station produced the following data: 12 songs about a truck driver who is in love while in prison 2 about people in prison who are not in love and do not drive trucks 8 about people who are out of prison, are not in love, and do not drive a truck 13 about a prisoner in love 28 about a person in love 18 about a truck driver in love 16 about truck drivers who are not in prison 3 about a truck driver in prison who is not in love Find the number of songs about: a) How many songs were surveyed? b) truck drivers? c) prisoners? d) truck drivers in prison? e) people not in prison? f) people not in love?
What are write off entries to be passed say if im having payable of Rs. 400 standing in the balance sheet and I want to write it off...
commisiion recieved journal entry and receipt required
Can v transfer trail balance to journal entry how and with example?
define drawer or maker
