what is the journal entry of outstanding wages ?
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Answer Posted / 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
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