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what is entry for salary paid in advance ?
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Answer Posted / damini rai
Paying advance salary is consider as loan and advance so pass the 1 entry in F5: advance salary A/C Dr.
To cash/bank A/C
Next when salary due: in F7 voucher
Salary A/C Dr.(indirect expense)
To salary advance (adjusted)
To. Salary payable(CURRENT LIABILITY)
NEXT IN F5 payment voucher
Salary payables A/C Dr
To cash.bank A/C
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