Interested to Buy Any Domain ? << Click Here >> for more details...
the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?
- 2 Answers
- 5274 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / dillip kumar dash
The out standing salary is also a current liabilities and it
should be entered as
Dr. Bills payable or Salary Payable
Cr. Cash or bank
The Loan is also a liability and the entry should be entered as:
Dr. Loans
Cr. Cash or Bank
| Is This Answer Correct ? | 10 Yes | 0 No |
Answer / h.r. sreepada bhagi
When Salary was accrued, entry should have been made to book
the expense as:-
Salary A/c Dr. (under Expenses head) - Rs.5000/-
Salaries Payable A/c Cr. (under Current Liabilities)Rs.5000/-
When payment is made:-
Salaries payable A/c Dr. - Rs.5000/-
Cash or Bank A/c Cr. - Rs.5000/-
When loan is repaid (assuming interest is also paid):-
Loan A/c Dr. - Rs. 50000/-
Interest on Loan A/c Dr. - Rs. 2000/-
Bank or Cash A/c Cr. - Rs. 55000/-
| Is This Answer Correct ? | 3 Yes | 0 No |
formula of reduction in tax credit of vat form 201(gujarat)
My company has taken a car loan from HDFC Bank, Assume 7.5 lacs. but it disbursed after deducted adv emi. how to pass the jv for that . Plz pass the entry
Where the financial accounting fails the cost accounting for is rescue but still there are some limitations deficiencies in the system?
what is journal entry of reserve for doutful debts.
for which account the cost centre should be given?
Hi, I want to know whether PF Deduction is applicable if the CTC Is Rs.7000/-PM. We already deducted ESI On Gross Salary (1.75%). Whether PF Is applicable in this?Employee & Employer?
what is stock split up
where we can deposit the TDS Monthly Collection Amount form the Employees?
what is GA (general accounting).
who issues the accounting standards?
Company purchase software what is the journal entry or software a/c under which department in tally
I cleared IBPS exam Basically I belongs to A.P. but I applied for karnataka will they accept me?
2 Answers Banking, Oriental Bank Of Commerce,
Audit 
