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what is the journal entry of outstanding wages ?
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Answer Posted / surjit singh
WAGES A/C DR
TO OUTSTANDING WAGES A/C
NARRATION BEING AMT OF O/S WAGES FOR THE M/O...
WHEN PAID
OUTSTAINDING WAGES A/C DR
TO CASH/BANK
NOTE WAGES A/C IS NOMINAL A/C ANY INCREASE IN IT IS DEBIT
AS ILLUSTRATED ABOVE,ANY INCREASE IN LIABILITY IS A CREDIT
IT REFLECTS ABOVE,BUT MY POINT IS O/SALARY A/C IS A
PERSONAL A/C RULE IS DEBIT THE RECEIVER CREDIT THE GIVER
IN THIS CASE SOME GROUP OF PERSONS SAY RAM SHYAM GOPAL HAS
RENDERD SERVICES TO COMPANY WITH NO BENEFIT TAKEN,SO THEY
ARE OBVIUOSLY IN CREDIT SIDE ACCORDING TO RULE CREDIT THE
GIVER REMEMBER ANY INCRESE IN ASSET AND EXP IS + AND
INCRESE IN LIABITYS AND INCOMES ARE +.
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