Interested to Buy Any Domain ? << Click Here >> for more details...
What is meant by Salaries Outstanding Accounts?
- 13 Answers
- 46296 Views
- HP, I also Faced
- E-Mail Answers
Answer Posted / ma10kumar
"Outstanding" means "due for payment but not paid yet".
Thus, Salaries outstanding accounts represent the amount of
salary that the organization has to pay its employees,
which has not paid to them yet or which the employees has
not collected yet.
Here, the term due represents the account closing period.
For example, if an organization is paying salaries only on
4th of the following month and closing its books monthly,
then as on the last business day of every month, all the
salary for the particular month should be booked as
outstanding salary to disclose the accurate profit for the
month and the correct financial position of the company.
From Accounting perspective, while booking outstanding
salaries, we should be debiting "Employees' Salary Account"
and credit "Salaries Outstanding Account" (since we have
not paid it yet). At the time of actual payment of Salary,
we will reverse salary outstanding by debiting it and
crediting "Cash / Bank Account".
- Ma10kumar, Chennai
| Is This Answer Correct ? | 33 Yes | 3 No |
Post New Answer View All Answers
What is Accommodation Bill
what is general HR?
if we have credit 50 % rg23c part ii first and not credit next balance 50 % .when we have do?
HOW CALCULATE ADVANCE TAX ? PLEASE EXPLAIN IT ?IN CASE OF FIRM, IF WE PAID FIRST INSTALMENT OF ADVANCE TAX.
Let me know the difference between cash flow and free cash flow
what is the good prasentation on interview
differences between liabilities and assessts
1.provide a brief write up on why you consider yourself suitable for the post voting your major achievements? 2. Mention your position in the hierarchy and the levels above and below you ?
define accounting,scope of account , types of account ?
example of SOP
What is Profir/Earning Before Tax and Profit after tax any one explaint this Clearly.
What is T+2 rolli g settlement cycle?
What are the Types of invoices batching? & what is 3 way batch?
it is better to invest in which securities short term/long term or both? please reason4 the same
What is the use of final account?
