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what is entry for salary paid in advance ?
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Answer Posted / imran
Journal entry for advance salary (Comprehensive)
TOTAL SALARY of $10,000 (Tax deducted at source of 5%) and Paid in Advance 2000
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Tax deducted at source - salary a/c 500 (Cr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
When payment against Tax deducted at source is made:
Tax deducted at source - salary a/c 500 (Dr.)
Bank a/c 500 (Cr.)
IMPORTANT NOTE: Advance against salary is offset/Canceled out against salary expenses.
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