Interested to Buy Any Domain ? << Click Here >> for more details...
the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?
- 2 Answers
- 5275 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
When Salary was accrued, entry should have been made to book
the expense as:-
Salary A/c Dr. (under Expenses head) - Rs.5000/-
Salaries Payable A/c Cr. (under Current Liabilities)Rs.5000/-
When payment is made:-
Salaries payable A/c Dr. - Rs.5000/-
Cash or Bank A/c Cr. - Rs.5000/-
When loan is repaid (assuming interest is also paid):-
Loan A/c Dr. - Rs. 50000/-
Interest on Loan A/c Dr. - Rs. 2000/-
Bank or Cash A/c Cr. - Rs. 55000/-
| Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
how to pass journal entries for reverse tax on input tax paid
What is the definition of accounting?
what are your current financial and accounting projects? What is your role?
director wife expenses which entry
what is addition of Opening Balance and net profit transfered from profit and loss account called
What is the provision?
I have transferred the Plant & machines to our Branch which are located in other state. plz told me how can i show the Machin stk trfr amt in return?
Please explain the difference between provision and reserve?
What Is Differ tax,
what is the difference b/w carpet area,covered area and build- up area and how it is calculated.......
What is the Full Procedure of Purchase ?
How use Budget in SAP, i want to see the report of variant between budget and actuals.
Explain the term account payable?
Explain different branches of accounting?
bank jobs
