what is the journal entry of outstanding wages ?
Answers were Sorted based on User's Feedback
Answer / harshit vijay
Wages A/C Dr.
To Outstanding Wages A/C
(Being Wages Outstanding tfd. to Wages A/C)
Is This Answer Correct ? | 10 Yes | 2 No |
Answer / lakshmi prasad udupa
wages A/c............dr
to outstanding wages A/c
(Being wages payable transfered to outstanding wages a/c)
Is This Answer Correct ? | 9 Yes | 2 No |
Answer / pulkit goyal
wages A/C Dr.
To outstanding wages A/c
(for wages due but not paid this year)
wages is expenses so it is debit
o/s wages is our liability so it is credit
Is This Answer Correct ? | 7 Yes | 1 No |
Answer / pragada satish
Wages a/c dr xxx
To outstanding wages a/c xxx
Wages but not paid at the end of the accounting period.
it is two fold effect.
1.it will be addded to the concerned expenses account in
profit and loss a/c debit side.
2.Out standing wages will be show on the liability side of
the balance sheet
Is This Answer Correct ? | 7 Yes | 3 No |
Answer / p. navaneetha krishnan
Wages Account Dr. XXX
Outstanding Wages Account. xxx
(Provision Entry for Wages Payable ) for Month / year End.
Outstanding Wages Account Dr. xxx
To Cash / Bank Account xxx
(Outstanding Wages Payables Last Month / Last Year paid
now)
Note:
If provision Created once, then at the time of payment
entry debti to be given to the credit of provision given or
it means that expenses wrongly booked to the extended of
amount provisons created in Last Month / Year.
Is This Answer Correct ? | 6 Yes | 3 No |
wages A/c Dr.
To outstanding wages A/c
(for wages due but not paid)
wages is expenses so it is debit
o/s wages is libility so it is credit and we will paid it
in future.
Is This Answer Correct ? | 4 Yes | 2 No |
Answer / parshuram
Wages A/c XXXX Dr.
To Outstanding for Wages A/c XXX
(Being Provision for wages for the current financial year)
In this case the wages are for current year ( Financial
Year) and wages are not paid that's why we provision for
that. In next year when we going to pay that wages that
time we will debited to Outstanding for Wages A/c not to
Wages A/c.
Is This Answer Correct ? | 3 Yes | 1 No |
Answer / satyaki_raju@yahoo.com
Mr Abhishek
Your entry is correct But the opening entry for the next
year is not correct.Why because by passing adjustment entry
the expenditure was taken in the previous years account.The
liability was placed under Liabilities side of the Balance
Sheet.Your duty is to close the liabolity thu passing cash
or bank entry
The entry will be
Outstanding wages a/c dr
To cash/bank a/c
(being outstanding wage for the previous year paid now)
More over I will say one thing hereafter try to answer to
the question staightly dont go further sometimes it will
give wrong impression on you. Because your answer shows the
weakness in the subject
Is This Answer Correct ? | 3 Yes | 2 No |
Answer / surjit singh
WAGES A/C DR
TO OUTSTANDING WAGES A/C
NARRATION BEING AMT OF O/S WAGES FOR THE M/O...
WHEN PAID
OUTSTAINDING WAGES A/C DR
TO CASH/BANK
NOTE WAGES A/C IS NOMINAL A/C ANY INCREASE IN IT IS DEBIT
AS ILLUSTRATED ABOVE,ANY INCREASE IN LIABILITY IS A CREDIT
IT REFLECTS ABOVE,BUT MY POINT IS O/SALARY A/C IS A
PERSONAL A/C RULE IS DEBIT THE RECEIVER CREDIT THE GIVER
IN THIS CASE SOME GROUP OF PERSONS SAY RAM SHYAM GOPAL HAS
RENDERD SERVICES TO COMPANY WITH NO BENEFIT TAKEN,SO THEY
ARE OBVIUOSLY IN CREDIT SIDE ACCORDING TO RULE CREDIT THE
GIVER REMEMBER ANY INCRESE IN ASSET AND EXP IS + AND
INCRESE IN LIABITYS AND INCOMES ARE +.
Is This Answer Correct ? | 1 Yes | 0 No |
If we issue a new sale invoice after issuing a Credit Note to the coustomer, for the previously issued sale invoice on which Central Sales Tax @2% was Paid previously,whether we will be liable to pay for charging the sales tax on new invoice and pay to the sales tax department.
Need of Bank Reconciliation to a company
what is Input and Output
what is service tax? how its count? and why its count?
witch taxes are calculate in CENVAT for Gold ornaments ?
Ir we have bill for CST 2% we made entry 12.5% by mistake then what is solutin for C-form
How do we use C-Form.
tds can be applicable on haltage(late time unloading )
i have received bill from Catering Service in that they charges VAT and Service tax box.Please clarify wheather it is charge both TAX
What happens if I return material purchased in March to the buyer in August next year? Do I get full refund of the value including tax?
Our company is engaged in a business of Real state developer in andhra pradesh. we want to purchase some material from other states. we have central sales tax registration. whether we are eligible for issuing a form 'c' to the supplier being a deeloper.
What is form c & d in sales tax?