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what would be the journal entry for outstanding salary of 15000 paid by advance salary of 25000??
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Answer Posted / himanshu
how it would be outstanding if we already paid in advance.
Wrong question.
But for the advance salary the entry would be
DR... Prepaid salary
CR... TO Cash/Bank
AND For the outstanding salary the entry would be
DR.. salary exp.
CR... TO Salary Payable
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