what is entry for salary paid in advance ?
- 31 Answers
- 178902 Views
- Capital IQ, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / mahendran balakrishnan
Dear,
Salary Payable a/c has no use. Listen,
WHEN PAYING SALARY ADVANCE:
Salary Advance a/c Dr
To Employee's Salary a/c Cr
Employee's Salary a/c Dr
To Cash a/c Cr
WHEN PAYING BALANCE SALARY:
Employee's Salary a/c Dr
To Salary Advance a/c Cr
(Being Advance Salary amount recovered from Employee's Salary A/c)
Employee's Salary a/c Dr
To Cash a/c Cr
(Being Balance Salary paid by cash)
Best wishes,
-Mahi-
Accountant
FUMITECH, Kochi.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / jj
If salary is 5000/- and advance paid is 4000/-
1) Payment:-
Advance salary a/c ...Dr.1000
To Cash / Bank a/c...Cr....1000
for the balance payment:
2) Journal:-
Salary a/c ...Dr. 5000
To Advance Salary a/c Cr. 1000
To Cash / Bank ... Cr. 4000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / murali
Salary advance(employee name) a/c dr
To cash/bank
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / ali
how to account for an unsigned cheque issued in court case as a guarantee or security but not yet drawn and also double entry for when that cheque is drawn by the court decision.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / damini rai
Paying advance salary is consider as loan and advance so pass the 1 entry in F5: advance salary A/C Dr.
To cash/bank A/C
Next when salary due: in F7 voucher
Salary A/C Dr.(indirect expense)
To salary advance (adjusted)
To. Salary payable(CURRENT LIABILITY)
NEXT IN F5 payment voucher
Salary payables A/C Dr
To cash.bank A/C
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / imran
Journal Entry:
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / imran
Journal entry for advance salary (Comprehensive)
TOTAL SALARY of $10,000 (Tax deducted at source of 5%) and Paid in Advance 2000
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Tax deducted at source - salary a/c 500 (Cr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
When payment against Tax deducted at source is made:
Tax deducted at source - salary a/c 500 (Dr.)
Bank a/c 500 (Cr.)
IMPORTANT NOTE: Advance against salary is offset/Canceled out against salary expenses.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / nitesh chaubey
profit & loss A/c ... Dr.
To salaries payed in advance A/c ..
(Being salaries rs.. payed in advance)
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / b.thirupathi
salaries a/c...dr
cash a/c
(being paid salary in advance)
| Is This Answer Correct ? | 8 Yes | 22 No |
what is retention? how caculate on asset
Tell About ur self what will i say plz help me
I have deducted Notice pay Rs. 5000/- in which account to be booked the same enty, what is the head for notice pay in profit and loss a/c.
golden ruls of accounting
What is the difference between P&L account and Balance Income & Expenditure account ??
What is difference between budget & budgeting
how to pass journal entries for recivables & payables if they are paid next asses year
Loss on issue of debentures is treated as ____________. (a) Intangible asset (b) Current asset (c) Current liability (d) Miscellaneous expenditure
how many types of errors are there
how to caluclate tds from emloyees and others
tell about "E1" form
PRELIMINARY EXPENSES INCURRED IN THE YEAR OCTOBER 2012 MONTH 5LAKS WHICH ACCOUNTED IN ASSET SIDE AS ''PRELIMINARY EXPENSES''... IN YEAR END MARCH 2013, IN 5LAKS HOW MUCH AMOUNT SHOULD TAKE FOR PRELIMINARY EXPENSES WRITTEN OFF..?
Audit 
