What's the general entry for Prepaid salary on 31st march?
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Answer / satyaki_raju@yahoo.com
Mr Jeetu prepaid salary means advance salary
According to you the salary account will be over valued
The right entry is
Advance salary a/c dr
To Cash/bank a/c
(Being advance salary paid)
In the month of April the entry will be like this
salary a/c dr
To Advance salary a/c
(Being advance given in the last year now adjusted)
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| Is This Answer Correct ? | 67 Yes | 6 No |
Answer / indra
step1. when transaction take place then
prepaid salary A/c Dr
To cash A/c
Step2. at the time of Adjustment
Salary A/c Dr
To prepaid salary A/c
| Is This Answer Correct ? | 30 Yes | 2 No |
Answer / sunil
Imagine a Persons's Salary is 5000/- He taken advance salary of 2000/-.Then the journal entry will be ..
Advance Salary A/c 'Dr' 2000.00
To Cash/Bank 2000.00
After maturity of his salary, the entry will be,
Salary A/c 'Dr' 5000.00
To Advance Salary 2000.00
To Cash/Bank 3000.00
| Is This Answer Correct ? | 18 Yes | 0 No |
Answer / shivam kumar
In the month 31st march
Prepiad salary A/c Dr
To Cash / Bank A/c
In the month 1st April
salary A/c Dr
To Prepaid salary A/c
| Is This Answer Correct ? | 17 Yes | 3 No |
Answer / ranganath
Prepaid salary a\c dr
to Cash Account
Adjusting Entries
Salary a\c dr
to Prepaid salary account
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / aneesh ramanath
Dr:prepaid salary to
Salary payable
April - salary payable to prepaid salary
| Is This Answer Correct ? | 4 Yes | 2 No |
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