salary account debtor
to salary outstanding account
debit salary expense
credit salary payable
debit salary expensecredit cash
debit accounts payable/ cashcredit purchase returns
[Debit] Salaries Expense [Credit] Salaries payable (balancing amount) [Credit] Deductions
For the recording of journal entry, it is mandatory to be business transaction occurred already otherwise no journal entry can be made prior to occurrence of business transaction.
Salary a/c Dr.12,000 Salary Payable 9,600.00 PF Employee Contbn. 2,400.00 (being Salary Payable for the month of May 2012). Salary Payable A/c Dr. 9,600.00 to Bank 9,600.00 (being Salary Paid for the month of May 2012) PF Employee Cotbn. 2,400.00 PF Employer Contbn 2,600.00 To Bank 5,000.00 (Being the PF Amount Paid for the month of May 2012) Contact SGC Management Services - ESI PF Consultant For Best Consult
loss by theft A/c to purchases
Debit cash in handCredit bank
debit rent expensecredit cash / bank
Cash a/c Dr. To Sales a/c
debit unexpired interestcredit interest paid
Debit cash / bankCredit discount allowed
debit cash / bankcredit loan from bank