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