Journalise the following Entries?
Outstanding salary of rs. 20000/-
Prepaid insurance of rs. 5000/-
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Answer Posted / baseer tawheedi
1.
Salary A/c Dr Rs 20,000
To Salary Outstanding A/c Cr Rs 20,000
( Being salary outstanding)
Note: since salary is anture of expese therefore debited
and salary outstanding means salary not yet paid therefore
is a current liability. thus will be credited.
2.
Prepaid insurance A/c Dr Rs 5,000
To cash/Bank A/c Cr Rs 5,000
( Being insurance paid in advance )
Note:- Since insurance is paid in advance therfore is a
current asset.Hence ill be debited and cash decreases or
goes out so will be credited.
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