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Journal entry of outstanding wages is
Wages a/c dr
TO O/s wages a/c
In the Above journal entry why outstanding wages has to be
credited ? and o/s wages comes under which account, and why
(Personal, Real, Nominal)
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Answer Posted / laxman
wages is an exp for the companies. so outstanding wages
means co. need to pay wages for the employees for their
contribution . o/s wages is an indirect exp and the journal
entry should be like this
wages a/c ----dr (EXP FOR THE ORG)
To o/s wages (INCOME FOR THE EMP)
THE ENTRY SHOULD FOLLOW THE RULE OF NOMINAL ACCOUNT.
| Is This Answer Correct ? | 2 Yes | 8 No |
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