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What is meant by Salaries Outstanding Accounts?
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Answer Posted / shivani jain
salaries outstanding a/c is a representative personal a/c.
The rule for this a/c according to traditional approach is
debit the debtor and credit the creditor.Salary outstanding
a/c represents those to whom the firm has to pay therefore
it is the liability of the firm.Now as per the modern
approach salary outstanding a/c will be credited since its a
liability and also they are creditors of the firm so the a/c
will be credited as per the traditional approach
| Is This Answer Correct ? | 17 Yes | 4 No |
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