the amount paid aganist the outstanding salary and the amount paid aganist the

the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?

Question Posted / mehnaz

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the amount paid aganist the outstanding salary and the amount paid aganist the loan (liabilities)-..

Answer / dillip kumar dash

The out standing salary is also a current liabilities and it
should be entered as

Dr. Bills payable or Salary Payable
Cr. Cash or bank

The Loan is also a liability and the entry should be entered as:

Dr. Loans
Cr. Cash or Bank

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the amount paid aganist the outstanding salary and the amount paid aganist the loan (liabilities)-..

Answer / h.r. sreepada bhagi

When Salary was accrued, entry should have been made to book
the expense as:-
Salary A/c Dr. (under Expenses head) - Rs.5000/-
Salaries Payable A/c Cr. (under Current Liabilities)Rs.5000/-

When payment is made:-
Salaries payable A/c Dr. - Rs.5000/-
Cash or Bank A/c Cr. - Rs.5000/-

When loan is repaid (assuming interest is also paid):-
Loan A/c Dr. - Rs. 50000/-
Interest on Loan A/c Dr. - Rs. 2000/-
Bank or Cash A/c Cr. - Rs. 55000/-

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