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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 / snehal
Pravin a/c dr. 1000
To Salary Payable cr. 1000
(being advance salry paid for the moth Dec. 2011)
Salary Payablea/c dr. 10000
To Cash cr. 9000
To Pravin a/c cr. 1000
(bening part of salary given for the month of Dec 2011)
Pravin - Sundry Debtor - Current Assets
for better account nomeneclulture as salary advance to pravin as their are the cases where where different kind of advances are given to the same person
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