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what is entry for salary paid in advance ?
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Answer / mahendran balakrishnan
Dear,
Salary Payable a/c has no use. Listen,
WHEN PAYING SALARY ADVANCE:
Salary Advance a/c Dr
To Employee's Salary a/c Cr
Employee's Salary a/c Dr
To Cash a/c Cr
WHEN PAYING BALANCE SALARY:
Employee's Salary a/c Dr
To Salary Advance a/c Cr
(Being Advance Salary amount recovered from Employee's Salary A/c)
Employee's Salary a/c Dr
To Cash a/c Cr
(Being Balance Salary paid by cash)
Best wishes,
-Mahi-
Accountant
FUMITECH, Kochi.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / jj
If salary is 5000/- and advance paid is 4000/-
1) Payment:-
Advance salary a/c ...Dr.1000
To Cash / Bank a/c...Cr....1000
for the balance payment:
2) Journal:-
Salary a/c ...Dr. 5000
To Advance Salary a/c Cr. 1000
To Cash / Bank ... Cr. 4000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / murali
Salary advance(employee name) a/c dr
To cash/bank
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ali
how to account for an unsigned cheque issued in court case as a guarantee or security but not yet drawn and also double entry for when that cheque is drawn by the court decision.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / damini rai
Paying advance salary is consider as loan and advance so pass the 1 entry in F5: advance salary A/C Dr.
To cash/bank A/C
Next when salary due: in F7 voucher
Salary A/C Dr.(indirect expense)
To salary advance (adjusted)
To. Salary payable(CURRENT LIABILITY)
NEXT IN F5 payment voucher
Salary payables A/C Dr
To cash.bank A/C
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Answer / imran
Journal Entry:
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / imran
Journal entry for advance salary (Comprehensive)
TOTAL SALARY of $10,000 (Tax deducted at source of 5%) and Paid in Advance 2000
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Tax deducted at source - salary a/c 500 (Cr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
When payment against Tax deducted at source is made:
Tax deducted at source - salary a/c 500 (Dr.)
Bank a/c 500 (Cr.)
IMPORTANT NOTE: Advance against salary is offset/Canceled out against salary expenses.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / nitesh chaubey
profit & loss A/c ... Dr.
To salaries payed in advance A/c ..
(Being salaries rs.. payed in advance)
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / b.thirupathi
salaries a/c...dr
cash a/c
(being paid salary in advance)
| Is This Answer Correct ? | 8 Yes | 22 No |
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