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what is entry for salary paid in advance ?
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Answer Posted / manoj v
Create individual ledger A/c for each employees (Sundry
Staff A/c under Loans and advance – Asset) when the advance
paid pass the entry as :- Name of Staff A/c …….Dr.
| Is This Answer Correct ? | 43 Yes | 13 No |
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A and V enter into a joint venture to sell a consignment of biscuits sharing profits and losses equally. A provides biscuits from stock Rs 10000. He pays expenses amounting to Rs 1000. V incurs further expenses on carriage Rs 1000. He receives cash for sales Rs 15000. He also takes over goods to the value of Rs 2000. The profit on joint venture is 7 (a) Rs.3000 (b) Rs.5000 (c) Rs.6000 (d) Rs.3500
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