the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?
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:
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|
what is BRS
In Service tax Return ST-3 What is meaning of first Row (i) Service tax payable (a) Gross amount received in money (I) Against service provided Pls explain in detail
why creditors a/c dr. to discount received a/c ?
How can pass the entry stock goods loss by fire or theft
Can u please give me a proper example of how genral entries of depreciation are recorded like if depreciation expense is ONE HUNDRED and acc.dep is two hundred how we will record that?
what is entry for salary advance paid and received? the salary entry enter to Indusvel name
What is the Journal entry for advance given 1000 from petty cash and 800 spent to puchase keyboard and mouse . 200 returned.
what is the difference between pay order and demand draft?
why the profit of a company is shown on the liabilities side in the balance sheet
In which expense we book the expense related to certification of ISO 9001 certificate & consultant fee.
what is mean by account
deduct deperection from land true or false