Journal entry of outstanding wages is
Wages a/c dr
TO O/s wages a/c
In the Above journal entry why outstanding wages has to be
credited ? and o/s wages comes under which account, and why
(Personal, Real, Nominal)
- 7 Answers
- 32214 Views
- Capital IQ, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / bhaskar unnikrishnan
Outstanding Wages has to be credited because it is
liability. (Debit all asset, Credit all liabilities). When
outstanding wages paid:
O/s Wages Debit
Cash Credit.
It will gradually reduce O/S Wages Balance.
| Is This Answer Correct ? | 38 Yes | 8 No |
Answer / debasmita
outstanding wages a/c is under personal a/c and wages a/c is
under nominal a/c.so debit all expences and losses.where in
personal a/c cr is the reciever.
| Is This Answer Correct ? | 27 Yes | 19 No |
Answer / guest
as wages is expenditure for the company, nominal
account because it is a expenditure for the
company
| Is This Answer Correct ? | 10 Yes | 3 No |
Answer / sanjoy
Wage es is the nominal account ,when wage increases it become debit , similar when liability increased it become credit , that why outstanding (liability) credit
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / krishna prasad
wages is nominal A/c.outstanding wages is representative A/c.The employees gives services to company so giver is credited as per personal A/c until paid wages
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / muhammed ansar
Generally only expenses are classified under three heads according to their nature. However; outstanding wages is not an expense . It is a liability raised out of the expense of wages. So it can't be classified as expense. It is based on the expense of wages which falls under nominal account .
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / laxman
wages is an exp for the companies. so outstanding wages
means co. need to pay wages for the employees for their
contribution . o/s wages is an indirect exp and the journal
entry should be like this
wages a/c ----dr (EXP FOR THE ORG)
To o/s wages (INCOME FOR THE EMP)
THE ENTRY SHOULD FOLLOW THE RULE OF NOMINAL ACCOUNT.
| Is This Answer Correct ? | 2 Yes | 8 No |
A has to pay to B Rs. 10000 but C pay pay Rs. 10000 to B on behalf of A. What will be the journal entry in all the three persons.
a proprieter company purchase a software what is the journal entry in tally ?
discuss seperate determination concept
pls let me know double entry of 'LEASING"
define cost control?
what is accounting
what is meant by working capital?
What is the difference between Capital and Total Equity in a Company?
Purchases book records: (a) All cash purchases. (b) All credit purchases. (c) Credit purchases of goods in trade. (d) None of the above.
what are the different types of expenditures considered for the purpose of accounting?
ABC LTD IMPORTED GOODS FROM USA FOR $20000 ON 1/1/11 AT A EXCHANGE RATE OF RS.47.55. THEY MADE A PAYMENT OF $12000 ON 15/1/11 AT A RATE OF RS.45.95. BALANCE PAYMENT WAS MADE ON 25/1/11 AT A RATE OF RS.49.10
Time limit for payment of divident for listed limited companies & Unlisted public limited companies are? 30 or 45 or 60 or 90
Audit 
