What is meant by Salaries Outstanding Accounts?
- 13 Answers
- 41911 Views
- HP, I also Faced
- E-Mail Answers
Answer Posted / sandy
Answer 1 (Kalpana) and 6 (Ma10kumar) is perfect.
But accounting perspective should be slightly different.
The actual accounting works as below;
1) Salary account (Expenses a/c) Dr
To O/S Salary a/c (Represents group of emply) Cr
Impact:
Salary expense, P/l account reduce the profit
O/S Salary B/S item (Increases Liability)
Laibility Asset
Profit (-)
O/S Sal (+)
Total Balanced Balanced
2) O/S Salary a/c Dr
To Mr.X (The employ who should ve received) Cr
Impact:
O/S Salary B/S item (Reduce Liability)
Mr. X, represents Accounts payable
Laibility Asset
O/S Sal (-)
Accounts Payable (+)
Total Balanced Balanced
3) Mr.X Dr
To Cash/Bank a/c Cr
Impact:
Mr. X, represents Accounts payable
Cash B/S account (Reduces)
Laibility Asset
Accounts Payable (-) Cash (-)
Total Balanced Balanced
| Is This Answer Correct ? | 13 Yes | 3 No |
Post New Answer View All Answers
paid two years rent N1200, bought Motor van for cash N3000
What is the working formula for Working Capital Turnover
Explain significance of Nastro and Vastro in accounts?
Hi, I am preparing for Junior Accounts Officers test- APTRANSCO. Can any one suggest the model paper / Books available? john kadapa
what is ZBA hold & balance hold in banking?
distinquish between liquidity ratio and asset management ratio
In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
How to reconsile vendor accountswhat to add and subtract is there any standard form please get me answer
why should i hire you? what are your outside interest? what was your toughest decision you ever have to make?
The cost equation y= $0 + $1.60x represents which type of cost? Variable, Fixed, or Mixed
For the production of 10,000 units the following are the budgeting expenses: Per Unit Rs. Direct materials 60 Direct labour 30 Variable overhead 25 Fixed overhead (Rs.1,50,000) 15 Selling expenses (10% fixed) 15 Variable expenses (direct) 5 Administrative expenses (Rs.50,000 fixed) 5 Distribution expenses (20% fixed) 5 Total cost of sales per unit 160 Prepare the flexible budget for the production of 6,000 , 7,000 ,and 8,000 units of production
What is cash clearing account
sir, i am working recruitment con.pvt ltd inthat one person salary will pay per month Rs.28000/- so i want to enter in our books only one salary payment or basic pay and spl.aa and others like this break up entrys we will pass please suggest
I was born on 4th may 1981 iam i eligible to apply for SBI clerical job vacancy
A Customer has a MNC which has a Unit in USA , All use Same Operation Chart of A/c but they also want local reporting for USA unit .What should they do ? Optons : Use Group chart of account & Group a/c no * Use Group a/c no & Alternative a/c no.2 Use Country Specific Chart of A/c
