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is there any difference between salary payable and outstanding salary??
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Answer Posted / rohan
salary account debtor
to salary outstanding account
Outstanding Salary A/c is a Representative Personal Account as it represents a group of people to whom some amount of salary is payable. Similarly other outstanding and prepaid expenses also fall under the category of representative personal accounts.
Outstanding Salary A/c Dr.
Salary A/c Cr.
Salary A/C Dr.
Cash/Bank A/c Cr.
Salary Payable, like other payable accounts are liabilities. It's something the company owes, therefor they are "liable" for that amount making it a liability. Once paid it is then an "expense"
| Is This Answer Correct ? | 5 Yes | 12 No |
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