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if salary is paid what will be entry?
If it is given on advance?
If it is paid on delay
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Answer Posted / dolly
IF SALARY IS PAID
SALARY A/C DR
TO EMPLOYEE'S A/C
(BEING SALARY DUE)
EMPLOYEE'S A/C DR
TO CASH A/C
(BEING SALARY PAID)
IF SALARY IS GIVEN IN ADVANCE
EMPLOYEE'S A/C DR.
TO CASH A/C
(BEING SALARY IS GIVEN ON ADVANCE)
IF SALARY IS PAID ON DELAY
SALARY A/C DR.
TO EMPLOYEE'S A/C
(SALARY DUE)
EMPLOYEE'S A/C DR.
TO CASH A/C
(SALARY PAID ON DELAY)
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
salary entry with briefly including pf,esi,employee advances -journal entry with against payment entry
