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