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Salary to the employee comes under expense or liabilty to the
co? how?
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Answer Posted / anonymous
If Salary is of current year then we will treat it as
expense and entry will be:
P & L A/c Dr.
To Salary A/c
and then you transfer this amount to the payable account (it
means Ist u r creating liability and then doing payment) by
making entry:
Salary A/c Dr.
To Salary Payable A/c
and when you paid the salary then entry would be:
Salary Payable A/c Dr.
To Bank or Cash A/c
If you want to create laibility then entry is:
Salary A/c Dr.
To Outstanding Salary A/c
Transferring salary in payable or outstanding A/c means you
creating your liability whose entry already mentioned above.
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