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What's the general entry for Prepaid salary on 31st march?
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Answer Posted / sunil
Imagine a Persons's Salary is 5000/- He taken advance salary of 2000/-.Then the journal entry will be ..
Advance Salary A/c 'Dr' 2000.00
To Cash/Bank 2000.00
After maturity of his salary, the entry will be,
Salary A/c 'Dr' 5000.00
To Advance Salary 2000.00
To Cash/Bank 3000.00
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