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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 Posted / 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)
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