"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?
Answers were Sorted based on User's Feedback
Answer / narendra kumar singh
There will be two entries for this in the books of employer:
1. entry at the time of paying salary advance (half month
salary)
Dr. Salary Advance A/c
Cr. Cash/Bank A/c
2. entry at the time of paying half month salary in the end
of the month.
Dr. Salary A/c (full monthly Salary)
Cr. Salary Advance A/c ( half salary)
Cr. Cash/Bank A/c
Is This Answer Correct ? | 50 Yes | 5 No |
Answer / dheer singh rathore
There will be two entries for this in the books of employer:
1. entry at the time of paying salary advance (half month
salary)
Dr. Salary Advance A/c
Cr. Cash/Bank A/c
2. entry at the time of paying half month salary in the end
of the month.
Dr. Salary A/c (full monthly Salary)
Cr. Salary Advance A/c ( half salary)
Cr. Salary Payable A/c
Is This Answer Correct ? | 13 Yes | 6 No |
Answer / rohit bajaj
At the time receive advance
Salary Advance Dr
cash/bank cr
At the end of month entry for salary due
Salary (full amt) Dr
salary Advance Cr
Esi Payable (If gross salary =15000 @1.75%) Cr
P f Payable (if Basic < = 6500 @12%) Cr
Salary Payable Cr
At the time of payment
Salary Payable Dr
Bank/cash cr
Is This Answer Correct ? | 5 Yes | 1 No |
Answer / 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 |
Answer / harish kumar
There will be two entries for this entry
1. First advance half salary.
Dr. Advance (Name of the Person)Ram Lal A/c
Cr. Cash / Bank A/c
2. Second when you book salary
Dr. Salary Paid A/c
Cr. advance (Name of the person) Ram Lal A/c
Cr. Salary Payable A/c
Advance Ram Lal account will be Nil.
Is This Answer Correct ? | 5 Yes | 5 No |
Answer / shivashankar
There will be two entries for this entry
1. First advance half salary.
Dr. Advance (Name of the Person)Ram Lal A/c
Cr. Cash / Bank A/c
2. Second when you book salary
Dr. Salary Paid A/c
Cr. advance (Name of the person) Ram Lal A/c
Cr. Salary Payable A/c
Is This Answer Correct ? | 0 Yes | 1 No |
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