if a company has to pay the salary in the month of april for
the months of march,apil,and may to a person who joined in
the company on 15march.
what are the entries for the transaction ?
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Answer Posted / gopal singh mehta
For the Month of March Salary:
At the Time of Accrual:
Salary Exp Dr.
Salary Payable Cr.
At the time of payment:
Salary Payable Dr.
Bank/Cash Cr.
For the Month of Apr. & May.
At the time of payment of salary in the Month of Apr.
Prepaid Salary A/c Dr.
Bank/cash Cr.
If there is any mistake let me know.
Thanks,
Gopal Singh Mehta
| Is This Answer Correct ? | 7 Yes | 4 No |
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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