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DEAR ALL,
HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN
ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c
AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know
whether it is correct or not. If correct, in my individual
ledger no entry is reflected. Alternatively, if I debit my
self and credit petty cash a/c it is reflected in the P & L
Account, but it is not an expense. and not reflected in the
balance sheet, but reflected in P & L. I think I need to
put a journal entry. Like debiting the salary account and
crediting the salary advance account. Is this correct or
not? Can any one help me please. my mail add:
cdvijay100@yahoo.co.in or kmlnkml@live.com
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Answer Posted / b. kanakarao
1. You have to create a ledger Vijay salary Advance A/c
under ...Loans & Advances. No u make entry
Dr. Vijay salary Adv A/c 25,000
cr. Cash / Bank 25,000
2. While deducting advance from salary u have to make entry
Dr. Vijay Salary A/c 25,000
Cr. Vijay salary Adv. A/c 2,000
Cr. Cash / Bank 23,000
(Being the amount Paid to Vijay towards salary and deducted
Rs.2000/- for salary Adv.1st installment)
3. While deducting total advance at a from his salary, U
have to make entry....
Dr. Vijay Salary A/C 25,000
Cr. Vijay Salary Advance A/c 25000
(Being the amount adjusted his salary towards salary
advance)
| Is This Answer Correct ? | 53 Yes | 5 No |
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