salary advance a/c Dr To casha/c salary advance a/c Dr To casha/c
advance salary a/c dr to cash
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
debit salary expensecredit cash
Debit advance paidCredit cash / bank
debit salary expensecredit cash
advance salary a/c dr to cash
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
debit salary expensecredit cash
debit salary expensecredit cash
Debit advance paidCredit cash / bank
debit salary expensecredit cash
debit salary expensecredit cash
Suppose "A" Gives Rs 100000 as an Advance to "B" what will be the Journal Entry of Advance given to B and latter the Advance settling entry after the B give a bill to A
Advance Salary A/C 1000.00 Dr. Cash A/C 1000.00 Cr. next entry is Salary A/C 1000.00 Dr. Advance Salary 1000.00 Cr.
basic salary 21967 / salary of September
Debit salary accountCredit cash / bank
[Debit] Salary expense [Credit] Cash / bank