the amount paid aganist the outstanding salary and the
amount paid aganist the loan (liabilities)-how and where to
make an entry?
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 difference between job costing and process costing?
BANK
what are accounting standards
What is capital reserve and reserve capital?
What is the difference betwween letter of credit and contract of gaurantee.........in what situations these will issued by whom?
What is the entry to be made when any service tax is paid for any vehicle hired or any service used when tax is included in that bill
I am kind of confused between VAT and income tax! and am i supposed to use them both in the income statement?
How to generate sale invoice in tally (cost of the Item is Rs.25000/- VAT applicable 14.5%
What is dd and a in oil and gas accounting?
what is journal entry of reserve for doutful debts.
what is entry for salary advance? salary entry mentioned by Indusial name
Define offset accounting?