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what is the Journal entry for Salaries outstanding? Giv an
example.
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Answer Posted / dhan govinda baruah
In the last month of the current financial year i,e. in March,journal entry will be:
(1) SALARY A/C Dr
To Mr. X's A/C
(Being salary payable to Mr. X.)
(2) Mr. X's A/C Dr
To OUTSTANDING SALARY A/C
(Being o/s salary c/f to Balance Sheet)
While salary paid in the next financial year (in April) the journal entry will be:
(3) OUTSTANDING SALARY A/C Dr
To CASH/BANK A/C
(Being outstanding salary amount made clear)
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