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 / ahmad
ADVANCE SALARY WILL BE OUR PREPAID EXPENSES AND SHOW ON
ASSETS SIDE OF BALANCE SHEET AND WILL BE ADJUSTED FULLY OUR
PARITLLAY AGAINST PAYROLL.
ENTERY WILL BE...
AT THE TIME OF ADVANCE
DR. ADVANCE SALARY AC 25000
CR. CASH/BANK AC 25000
AT THE TIME OF ADJUSTMENT
DR. PAYROLL AC 50000
CR. ADVANCE SALARY AC 25000
CR. SALARY AC 25000
| Is This Answer Correct ? | 10 Yes | 2 No |
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