What is meant by Salaries Outstanding Accounts?
- 13 Answers
- 41843 Views
- HP, I also Faced
- E-Mail Answers
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 |
Post New Answer View All Answers
Fiscal year variant F1 has 6 posting periods and fiscal year variant F2 has 4 posting periods. The posting have different start and ending dates.assign posting period variant F1 is assigned to leading ledger (0L) and F2 is assigned to the non-leading ledger(N1). You get an error message when making a posting in the non-leading ledger.?( any 1 answer) • The posting period variant of the non-leading ledger and the leading are different • The fiscal year variant of the non-leading ledger and the leading ledger are different • The posting is being made in a special period, but both variants are examples of a shortened fiscal year • The posting period for the non leading ledger group”N1” is closed
If i have a company in India doing purchase from Shrilanka, If i buy in Shrilankan local currency and make the payments in Indian Currency At the end of year how shall i settle the difference Exchange money in Books of Accounts.
Expand SOIT
If someone knows about the test pattern of Junior executive accounts than please share.
While we are bringing our machinery items to factory through a vehicle from other state to Andhra pradesh, is this correct to send our own state way bill along with the other state way bill.
What are the major responsibility's of an accountant? what are the qualities he /she requires?
DESCIBE EXPORT PROCEDURE
is it possible that on dealer of work contract can opt composition and non-composition both scheme in dvat?
capital introduced by partners? how it will be shown in tally? (i.e.at the place of Account what we have to post) (at the place of particulars what we have to post) (in which vocher we can post it)
What Question ask in MARKIT Company?
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
Expand-------ACNS
Sir,I want to be good in accounting .Now i have got an oppurtunity to work in accounts department but i am average in accounts.So how can i improve and work with effiency guide me with ur tips.
EXPAND___________NPO
What is the difference between Risk, Threat & Hazard?
