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if a company has to pay the salary in the month of april for
the months of march,apil,and may to a person who joined in
the company on 15march.
what are the entries for the transaction ?
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Answer / neelam
31st march:
Salary A/c Dr. Rs.xxx
To Outstanding Salary A/c cr. Rs.xxx
(Being 15days(Joining Dt.15th) salary to be paid)
30th april:
Outstanding Salary A/c Dr. Rs.xxx
Salary A/c Dr. Rs.xxx
Prepaid Salary A/c Dr. Rs.xxx
To Cash A/c cr. Rs.xxx
(Being O/s. Salary paid for the month of march, salary paid
for the month of april and Prepaid salary for the month of
May)
31st May:
Salary A/c Dr. Rs.xxx
To Prepaid salary A/c Cr. Rs.xxx
(Being May month salary now adjusted from Prepaid salary
a/c)
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / gopal singh mehta
For the Month of March Salary:
At the Time of Accrual:
Salary Exp Dr.
Salary Payable Cr.
At the time of payment:
Salary Payable Dr.
Bank/Cash Cr.
For the Month of Apr. & May.
At the time of payment of salary in the Month of Apr.
Prepaid Salary A/c Dr.
Bank/cash Cr.
If there is any mistake let me know.
Thanks,
Gopal Singh Mehta
| Is This Answer Correct ? | 7 Yes | 4 No |
Answer / chandu
march 31 the entry is
salary a/c dr
to salary payable a/c
at the time of salary paying
salary payable a/c dr
to cash a/c
| Is This Answer Correct ? | 2 Yes | 3 No |
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