Interested to Buy Any Domain ? << Click Here >> for more details...
the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?
- 2 Answers
- 5296 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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
| Is This Answer Correct ? | 10 Yes | 0 No |
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/-
| Is This Answer Correct ? | 3 Yes | 0 No |
WHAT IS TAX ? WHY SHOULD PAY TAX?WHAT IS THE NEED FOR PAYING TAX?
What is the type of principal for CLOSING STOCK. and why we show closing stock two time that is once in trading account and another time in assets. if closing stock is Real account than what about showing in trading account as we dont show real account type in trading account. thanks
who will appoint first board of director of the company
difference between outstanding and accrued exp.?
What is the types of Accounting Method
what are the direct expense of loan department in banks.
1. how to pass TDS entry in tally 2. how to pass service tax entry in tally 3. how to pass depreciation entry in tally 4. what is percentage in TDS and service tax
Compare financial accounting and cost accounting.
what is an accured account ?
Over or under provision of what is taken to profit and loss account as profit or loss at the time of termination or sale of Assets?
Whether we add or not the Insurance policy premium of vehicle in asset value?
1, How enter Accumulated Deprication Journal Entry, (Land& Building Value 500000 AED, How to pass entry?
Audit 
