"i have received half of the salary in advance and another
half in the end of month" what will be the journal entry for
this?
Answer Posted / yogendra.c
In the books of Employee (Receiver)
----------------------------------
1. Advance Salary:
Dr. Bank A/c
Cr. Advance Salary from X Company A/c (Liability)
2. Regular Salary Receipt
Dr. Bank A/c
Cr. Salary Receivable A/c
3. Provision Entry
Dr. Advance Salary A/c
Dr. Salary Receivable A/c
Cr. Salary A/c
4. Closing Entry
Dr. Salary A/c
Cr. P&L A/c
In the books of Employer (Companies)
------------------------------------
1. Advance Salary
Dr. Advance Salary to Mr.Y A/c
Cr. Bank A/c
2. Provision Entry
Dr. Salary A/c
Cr. Advance Salary to Mr. Y A/c
Cr. Salary Payable A/c
3. Payment Entry
Dr. Salary Payable A/c
Cr. Bank A/c
4. Closing Entry
Dr. P&L A/c
Cr. Salary A/c
Any other doubts??
mail me at delip.yogendra@gmail.com
Is This Answer Correct ? | 2 Yes | 1 No |
Post New Answer View All Answers
Assigning natural account to accounting seg. What will happen
What is the difference between the accrual accounting and cash accounting?
There are two Business areas 1100 and 1200. I need to pick 1200 b.areaonly While enter the transaction? could any one please post the answer for this.
In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.
record the following transaction in the various books of accounts F Black loan us $5000 paid by cheque.
What is meant by public accounting?
How can I put Bank Guarantee Receipt entry in Tally ERP9?
What are negative postings?What are Credit memos ?Payment Requests ?
Dillution effect on EPS
What accounts are to be debited and credited in this case o
how pass journal entry in the month ending for input vat and out put vat
Purchase Goods worth rs.1000/ icluding vat of rs 40/ & Service charge receive 1000/ including service charge rs 123.60/ What will be entry in Tally? Please Define me?
What would be journal entry for--Encashed a bank draft belonging to X? Ans as given in textbook is Bank account debit to Cash account credit.......But shouldnt it be Cash account debit to Bank account credit...Wat do u guys feel??And do explain ur answers..Thnx in advance
Tell me what happens to company's “cash account” if it borrows money from the bank by signing a note payable?
Can u please send me a set of accounting base questoin with answer,genraly ask by interviewer?