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DEAR ALL,
HOW TO ACCOUNT THE SALARY ADVANCE A/c. I HAVE TAKEN AN
ADVANCE OF Rs.25000/-. I HAVE DEBITED SALARIES ADVANCE A/c
AND CREDITED THE PETTY CASH A/c in TALLY. I dont't know
whether it is correct or not. If correct, in my individual
ledger no entry is reflected. Alternatively, if I debit my
self and credit petty cash a/c it is reflected in the P & L
Account, but it is not an expense. and not reflected in the
balance sheet, but reflected in P & L. I think I need to
put a journal entry. Like debiting the salary account and
crediting the salary advance account. Is this correct or
not? Can any one help me please. my mail add:
cdvijay100@yahoo.co.in or kmlnkml@live.com
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Answer Posted / rajat goel
for advance salary ..entry should be.
In payment voucher(press F5)
Dr. Advance salary(cost center should be open to that name)
Cr. cash/bank
and when actual time comes to pay salary, entry should be...
In Payment voucher (Press F5)
Dr.salary expenses
Cr.advance salary(with cost center to that name)
Cr.cash/Bank
| Is This Answer Correct ? | 82 Yes | 11 No |
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