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Salary to the employee comes under expense or liabilty to the
co? how?
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Answer Posted / guest
WHEN, SALARY PAID WITHIN THE PARTICULAR PERIOD
LIKE THAT SALARY OF APRIL MONTH, PAID ON 30 APRIL
AS PER THE IIIrd ACCOUNTING GOLDEN RULES :-
ALL EXPENSES & LOSSES ARE DEBIT
ALL INCOMES & GAINS ARE CREDIT
SALARY TO EMPLOYEE IS EXPENSES, SO
SALARY A/C DR RS.........
TO CASH / BANK A/C RS........
WHEN, SALARY PAID AFTER THE PARTICULAR PERIOD LIKE THAT
SALARY OF APRIL MONTH PAID ON 1 MAY , THAN ENTRY
ON 30 APRIL
SALARY A/C DR. RS..........
TO SALARY PAYABLE A/C RS..........(CURRENT LIABILITY)
ON 1 MAY
SALARY PAYABLE A/C DR. RS.............
TO CASH / BANK A/C RS........
NOTE : - IN THIS ENTRY , NOT INCLUDE , PF , ESI , P TAX , TDS , ADVANCE , ETC.
THANKS & REGARDS
PRAVEEN SHARMA
8130113611
praveenexport2@gmail.com
| Is This Answer Correct ? | 13 Yes | 1 No |
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