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what is entry for salary paid in advance ?
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Answer Posted / imran
Journal Entry:
When advance is given to the employee
Advance salary a/c 2,000 (Dr.)
Cash a/c 2,000 (Cr.)
When entry for salary is posted
Salary, allowance & benefit a/c 10,000 (Dr.)
Advance salary a/c 2,000 (Cr.)
Salary Payable a/c 7,500 (Cr.)
When salary payment is made:
Salary Payable a/c 7,500 (Dr.)
Cash/Bank a/c 7,500 (Cr.)
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