Interested to Buy Any Domain ? << Click Here >> for more details...
what is the journal entry of outstanding wages ?
- 27 Answers
- 86041 Views
- ABC, OBI, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / harshit vijay
Wages A/C Dr.
To Outstanding Wages A/C
(Being Wages Outstanding tfd. to Wages A/C)
| Is This Answer Correct ? | 10 Yes | 2 No |
Answer / lakshmi prasad udupa
wages A/c............dr
to outstanding wages A/c
(Being wages payable transfered to outstanding wages a/c)
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / pulkit goyal
wages A/C Dr.
To outstanding wages A/c
(for wages due but not paid this year)
wages is expenses so it is debit
o/s wages is our liability so it is credit
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / pragada satish
Wages a/c dr xxx
To outstanding wages a/c xxx
Wages but not paid at the end of the accounting period.
it is two fold effect.
1.it will be addded to the concerned expenses account in
profit and loss a/c debit side.
2.Out standing wages will be show on the liability side of
the balance sheet
| Is This Answer Correct ? | 7 Yes | 3 No |
Answer / p. navaneetha krishnan
Wages Account Dr. XXX
Outstanding Wages Account. xxx
(Provision Entry for Wages Payable ) for Month / year End.
Outstanding Wages Account Dr. xxx
To Cash / Bank Account xxx
(Outstanding Wages Payables Last Month / Last Year paid
now)
Note:
If provision Created once, then at the time of payment
entry debti to be given to the credit of provision given or
it means that expenses wrongly booked to the extended of
amount provisons created in Last Month / Year.
| Is This Answer Correct ? | 6 Yes | 3 No |
wages A/c Dr.
To outstanding wages A/c
(for wages due but not paid)
wages is expenses so it is debit
o/s wages is libility so it is credit and we will paid it
in future.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / parshuram
Wages A/c XXXX Dr.
To Outstanding for Wages A/c XXX
(Being Provision for wages for the current financial year)
In this case the wages are for current year ( Financial
Year) and wages are not paid that's why we provision for
that. In next year when we going to pay that wages that
time we will debited to Outstanding for Wages A/c not to
Wages A/c.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / satyaki_raju@yahoo.com
Mr Abhishek
Your entry is correct But the opening entry for the next
year is not correct.Why because by passing adjustment entry
the expenditure was taken in the previous years account.The
liability was placed under Liabilities side of the Balance
Sheet.Your duty is to close the liabolity thu passing cash
or bank entry
The entry will be
Outstanding wages a/c dr
To cash/bank a/c
(being outstanding wage for the previous year paid now)
More over I will say one thing hereafter try to answer to
the question staightly dont go further sometimes it will
give wrong impression on you. Because your answer shows the
weakness in the subject
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / surjit singh
WAGES A/C DR
TO OUTSTANDING WAGES A/C
NARRATION BEING AMT OF O/S WAGES FOR THE M/O...
WHEN PAID
OUTSTAINDING WAGES A/C DR
TO CASH/BANK
NOTE WAGES A/C IS NOMINAL A/C ANY INCREASE IN IT IS DEBIT
AS ILLUSTRATED ABOVE,ANY INCREASE IN LIABILITY IS A CREDIT
IT REFLECTS ABOVE,BUT MY POINT IS O/SALARY A/C IS A
PERSONAL A/C RULE IS DEBIT THE RECEIVER CREDIT THE GIVER
IN THIS CASE SOME GROUP OF PERSONS SAY RAM SHYAM GOPAL HAS
RENDERD SERVICES TO COMPANY WITH NO BENEFIT TAKEN,SO THEY
ARE OBVIUOSLY IN CREDIT SIDE ACCORDING TO RULE CREDIT THE
GIVER REMEMBER ANY INCRESE IN ASSET AND EXP IS + AND
INCRESE IN LIABITYS AND INCOMES ARE +.
| Is This Answer Correct ? | 1 Yes | 0 No |
What is TDS and why we deduct it?
what is tds and what is what is the current rate of tds on payment of contract and payment of professional charges
HOW CAN TAKE THE MAXIMUM GRAUITY (EX RS.3.5 LAC)
IF I HAVE PAY COMMISSION TO LOCAL AGENT RS-5000 THEN HOW MUCH I WILL DEDUCT TDS & IS PAN CARD REQUIRE
how to filing rt-1
when i send goods out side the state against c form from gujarat to bombay which forms will have to required, where i get it & what process of to get it , please give me the answer on my e.mail sonidilip87@yahoo.com
Why the goverment give tax reduction benifit when purchase and sales from one state to another state under 'C' form ?
What Do U Mean By Tds
How to calculate the interest on housing loan for an LET OUT PROPERTY?
Hi May i know i 2 avoid Income Tax.I am getting 1,20,000PA and a house rent of 5000PM,and profit from Agriculture Income of 80,000.Is agriculture Income taken into consideration.If so how 2 calculate further & how much will b the Income TaxI will b getting.
What is the difference between Mortgage, Pledge and Hypothecation? Reply.....
We are a UK company selling electronic s/w licenses to customer in India. We have a PAN Number. Why is TDS being deducted on a product? Why is TDS calculated on the invoice value - surely it is supposed to be on Income and not Turnover? What is the correct TDS % deduction?
Audit 
