What is meant by Salaries Outstanding Accounts?
- 13 Answers
- 41740 Views
- HP, I also Faced
- E-Mail Answers
Answer Posted / sandy
Answer 1 (Kalpana) and 6 (Ma10kumar) is perfect.
But accounting perspective should be slightly different.
The actual accounting works as below;
1) Salary account (Expenses a/c) Dr
To O/S Salary a/c (Represents group of emply) Cr
Impact:
Salary expense, P/l account reduce the profit
O/S Salary B/S item (Increases Liability)
Laibility Asset
Profit (-)
O/S Sal (+)
Total Balanced Balanced
2) O/S Salary a/c Dr
To Mr.X (The employ who should ve received) Cr
Impact:
O/S Salary B/S item (Reduce Liability)
Mr. X, represents Accounts payable
Laibility Asset
O/S Sal (-)
Accounts Payable (+)
Total Balanced Balanced
3) Mr.X Dr
To Cash/Bank a/c Cr
Impact:
Mr. X, represents Accounts payable
Cash B/S account (Reduces)
Laibility Asset
Accounts Payable (-) Cash (-)
Total Balanced Balanced
| Is This Answer Correct ? | 13 Yes | 3 No |
Post New Answer View All Answers
what are the suggestions to control NPA in rural areas?
What was key roles of Cashflow statement and Fund flow statement and Balnsheet..?
What is re-financing in Letter of Credit settlement
What is the difference between income statement & Profit&loss A/c?
DIFFERENCE BETWEEN THE DEPRICIATION AND IMPOSEMENT? DIFFERENCE BETWEEN THE CAPITAL LEASE AND FINANCE LEASE?
what is mean by account concept,and how to perpare a full accounting concept journal,ledger,trail balance,and balance sheet how it will prepare in upto fainalaztion.
Expand SCERT
how to entery pass in tally when items damage(items insured)and claim to insurance co.
What is the important of cash in a business unit
Dear sir, I have complete B.com in march 2007, for past 4year i am doing some marketing jobs in insurance sector, now i need to change my job in accounting sector, i have heard that by doing SAP Fico there will be better opurtunity in corporate companies.
We have a registered dealer under APVAT Act. Our company is manufacturing & marketing of seeds. seeds exempted under vat. recently we have purchased machinery for our new plant construction, against c form. now sales tax dept.not giving the c forms, because our final product is exempted, we are not eligible for c forms. kindly clarify.
What is the process of VAT & CST Registration?
Explain valuation methods of Normal and Abnormal loss
how to prepare mba finance for interview questions
WHAT IS PROSPECTUS?
