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"i have received half of the salary in advance and another
half in the end of month" what will be the journal entry for
this?
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Answer Posted / rohit bajaj
At the time receive advance
Salary Advance Dr
cash/bank cr
At the end of month entry for salary due
Salary (full amt) Dr
salary Advance Cr
Esi Payable (If gross salary =15000 @1.75%) Cr
P f Payable (if Basic < = 6500 @12%) Cr
Salary Payable Cr
At the time of payment
Salary Payable Dr
Bank/cash cr
| Is This Answer Correct ? | 5 Yes | 1 No |
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2. A budgeted profit statement of a company working at 75% capacity is provided to you 2 below, Sales 9,000 units at Rs. 32 Rs. 2,88,000 Less: Direct materials Rs. 54,000 Direct wages 72,000 Production overhead: fixed 42,000 variable 18,000 1,86,000 Gross profit 1,02,000 Less: Administration, selling and distribution costs: fixed 36,000 varying with sales volume 27,000 63,000 Net profit 39,000 You are required to: (a) Calculate the breakeven point in units and in value. (b) It has been estimated that: (i) if the selling price per unit were reduced to Rs. 28, the increased demand would utilise 90% of the company's capacity without any additional advertising expenditure, and (ii) to attract sufficient demand to utilise full capacity would require a 15% reduction in the current selling price and a Rs. 5,000 special advertising campaign. You are required to present a statement showing the effect of the two alternatives compared with the original budget and to advise management which of the three possible plans ought to be adopted, i.e., the original budget plan or (i) above or (ii) above. (c) An independent market research study shows that by spending Rs. 15,000 on a special advertising campaign, the company could operate at full capacity and maintain the selling price at Rs. 32 per unit. You are required to: (i) Advise management whether this proposal should be adopted.
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