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New emlpoyee was joined on 15th Jan and salary paid on 28th
Feb amt of Rs.20000/- and asked to give the Journal entry
for the Month of Jan, Fed and March (His Monthly Salary is
Rs.8000/-) ?
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Answer / praveen singh
1) Jan Month Journal Entry:
Salary A/C Dr 4000
To Salary Payable A/c 4000
2) Feb Month Journal:
Salary Payable a/c Dr 4000
Salary a/c Dr 8000
Salary paid in advance Dr 8000
TO Bank A/C 200000
3) in March month:
Salary Account Dr 8000
To Salary paid in advance 8000
| Is This Answer Correct ? | 6 Yes | 2 No |
Answer / himanshu agrawal
31st
jan salary a/c dr 4000
TO salary payable a/c 4000
( being salary in due )
28th
feb salary payable a/c 4000
advanced salary a/c 8000
salary a/c 8000
TO cash a/c 20000
( being salary paid )
31st
march salary a/c 8000
TO advanced salary a/c 8000
( being advanced salary is
adjusted )
| Is This Answer Correct ? | 3 Yes | 0 No |
31 jan salary a/c Dr. 4000
to Salary Payable 4000
28 Feb Salary A/c dr. 8000
To Salary Payable 8000
28 Feb Salary payable a/c dr. 12000
Salary Advance Dr. 8000
To Bank/Cash A/c 20000
31 March Salary A/c Dr. 8000
To Salary Payable 8000
31 March Salary Payable A/c Dr. 8000
To Salary Advance A/c 8000
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / rajesh
Hai, Here u go!!!
1)
jan Month Journal
DR Salary 4000
Cr Salary Payable 4000
Narration : Being the 15 Days salary payable
2) Feb Month Journal
DR Salary 8000
Cr Salary payable 8000
Narration : being the Feb'08 Salary payable
3) Mar Month Journal
Dr Salary 8000
Cr Salary Payable 8000
Narration " being the Mar'08 Salary payable
| Is This Answer Correct ? | 3 Yes | 4 No |
Mac Purchased on 15th Jan 12000/- 30th June Machinery damaged due to Fire Accident 31st Dec received the Insurance Premium 13000/-. Pass the Journal Entry for all the above three
wat is finance?
Can anybody tell me about the liability positions of 1.Sole trader 2.Partnership 3.Pvt ltd co 4.Public ltd co
what is outstanding expenses
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What is bank Reconciliation Statement?
Depreciation method to using Indian company names
wHAT ARE EVENTS
What is the meaning of Receipt & Payment, Income & Expenditure, Profit & Loss A/c? Under What cercumstances these are prepared?
Expand------MRTS
2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
Is Bank Reconciliation Statement is compulsory prepared? Even when both cash & Bank Book are tally?
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