What's the general entry for Prepaid salary on 31st march?

Categories >> Accounting >> Accounting AllOther
Suggest New Category

Question Posted / lokesh khintolia

9 Answers
33553 Views
Genpact, IBM, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

What's the general entry for Prepaid salary on 31st march?..

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)

I am a Tax Practitioner doing since 35 years. With a view
to train up youth and unemployed I composed 6 set of papers
base on Accountantancy and Taxation. Regular candidates of
this site is making use of them. If interested let me know
your e-mail

Is This Answer Correct ?

67 Yes

6 No

What's the general entry for Prepaid salary on 31st march?..

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

What's the general entry for Prepaid salary on 31st march?..

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

What's the general entry for Prepaid salary on 31st march?..

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

What's the general entry for Prepaid salary on 31st march?..

Answer / vijay

prepaid sal a/c
to sal a/c