what would be the journal entry for outstanding salary of 15000 paid by advance salary of 25000??
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Answer / manoj mishra
Salary AC Dr
To Outstanding Salary AC
on payment: -
Out Standing Salary a/c ----Dr.
To Cash/Bank
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / indrani ghosh
salary a/c Dr. 15000
to outstanding/salary a/c. 15000
advance slary a/c Dr. 25000
to cash/bank a/c 25000
outstanding salary a/c Dr15000
to cash a/c 15000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / himanshu
how it would be outstanding if we already paid in advance.
Wrong question.
But for the advance salary the entry would be
DR... Prepaid salary
CR... TO Cash/Bank
AND For the outstanding salary the entry would be
DR.. salary exp.
CR... TO Salary Payable
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / siva
salary in advace ...DR 25000
To outstanding salary 15000
To cash 10000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / romit
SALARY AC DR
TO OUTSTANDING SALARY 15000
2. OS SALARY AC DR TO BANK 15000
3. SALARY AC DR TO ADVANCE SALARY 10000
3. ADVANCE SALARY AC DR TO BANK 10000
| Is This Answer Correct ? | 1 Yes | 2 No |
Case Study: Deepak Hand tools Private Limited DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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