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What is meant by Salaries Outstanding Accounts?
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Answer Posted / sandy
Answer 1 (Kalpana) and 6 (Ma10kumar) is perfect.
But accounting perspective should be slightly different.
The actual accounting works as below;
1) Salary account (Expenses a/c) Dr
To O/S Salary a/c (Represents group of emply) Cr
Impact:
Salary expense, P/l account reduce the profit
O/S Salary B/S item (Increases Liability)
Laibility Asset
Profit (-)
O/S Sal (+)
Total Balanced Balanced
2) O/S Salary a/c Dr
To Mr.X (The employ who should ve received) Cr
Impact:
O/S Salary B/S item (Reduce Liability)
Mr. X, represents Accounts payable
Laibility Asset
O/S Sal (-)
Accounts Payable (+)
Total Balanced Balanced
3) Mr.X Dr
To Cash/Bank a/c Cr
Impact:
Mr. X, represents Accounts payable
Cash B/S account (Reduces)
Laibility Asset
Accounts Payable (-) Cash (-)
Total Balanced Balanced
| Is This Answer Correct ? | 13 Yes | 3 No |
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