Answer Posted / yogendra.c

In the books of Employee (Receiver)
----------------------------------
1. Advance Salary:
Dr. Bank A/c
Cr. Advance Salary from X Company A/c (Liability)

2. Regular Salary Receipt
Dr. Bank A/c
Cr. Salary Receivable A/c

3. Provision Entry
Dr. Advance Salary A/c
Dr. Salary Receivable A/c
Cr. Salary A/c

4. Closing Entry
Dr. Salary A/c
Cr. P&L A/c

In the books of Employer (Companies)
------------------------------------
1. Advance Salary
Dr. Advance Salary to Mr.Y A/c
Cr. Bank A/c

2. Provision Entry
Dr. Salary A/c
Cr. Advance Salary to Mr. Y A/c
Cr. Salary Payable A/c

3. Payment Entry
Dr. Salary Payable A/c
Cr. Bank A/c

4. Closing Entry
Dr. P&L A/c
Cr. Salary A/c

Any other doubts??
mail me at delip.yogendra@gmail.com

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