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What is the journal entries for salary is paid to him?
The journal entries for salary payments are (Dr = debit, Cr = credit): Dr Salary Expense (P&L) - Gross Salary Cr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Net Salary paid to employee Then when the salary deductions are paid over, usually the following month the entries are: Dr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Salary Deductions
What is the Journal entry of salary paid to employee?
The journal entry for salary paid to an employee typically involves debiting the Salary Expense account and crediting the Cash or Bank account. For example, if an employee is paid $3,000, the entry would be: Debit: Salary Expense $3,000 Credit: Cash/Bank $3,000 This reflects the expense incurred for employee compensation and the reduction of cash or bank balance.
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
Is salary payable a asset or liability?
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
What is the journal entries for salary is paid to him?
The journal entries for salary payments are (Dr = debit, Cr = credit): Dr Salary Expense (P&L) - Gross Salary Cr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Net Salary paid to employee Then when the salary deductions are paid over, usually the following month the entries are: Dr Expense Deduction A/c (Bal Sheet) - Salary Deductions Cr Cash (Bal Sheet) - Salary Deductions
What is the Journal entry of salary paid to employee?
The journal entry for salary paid to an employee typically involves debiting the Salary Expense account and crediting the Cash or Bank account. For example, if an employee is paid $3,000, the entry would be: Debit: Salary Expense $3,000 Credit: Cash/Bank $3,000 This reflects the expense incurred for employee compensation and the reduction of cash or bank balance.
How do you pass the journal entries for salary deductions?
[Debit] Salaries Expense [Credit] Salaries payable (balancing amount) [Credit] Deductions
How is salary paid?
That depends on the company. Three methods common used are (a) in cash, (b) with a check, (c) paying the salary to an employee's account.
What will be the journal entry if employee take stock in the place of his salary in tally?
Dr. Salary Expense/Payable Cr. Common Stock Cr. APIC - CS
What is the journal entry for Provident fund in accounts?
Salary a/c Dr. To employee a/c To ppf a/c ppf a/c (employer)Dr ppf a/c (employee)Dr To bank a/c
Journal entry for income paid in advance?
Though I honestly never heard of a company paying a Salary in advance, the journal entry would be:Prepaid Salary (debit) $$$$Cash (credit) $$$$It would be like paying any other expense in advance, such as rent expense, insurance expense etc. You would debit a prepaid account for the amount while crediting your cash. Once the Salary is earned you would adjust the entry by Debiting Salary Expense and Crediting Prepaid Salary.
What is the rate of tds?
TDS Means Tax Deduction At Source .... Tax is the applicable Rate is to be deducted from the salary from the employee at the time of paying/ crediting the salary.... TDS rate is Depending on Basic amount ...
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
How does the accounting treatment of a partner's salary differ from that of an employee's salary in a partnership?
Is salary payable a asset or liability?
The key word is "payable". This makes salary payable a liability until it is fully paid. There are two entries for a Salary Payable, the original Journal Entry to record when the payable occurs and the Adjusting Entry to record when the balance is paid. Entry to record: Salary Expense (debit) $$$ Salary Payable (credit) $$$ Entry to pay: Salary Payable (debit) $$$ Cash (credit) $$$ yes
What is a journal entry of salary?
debit salary expensecredit cash
What is salary journal entry?
debit salary expensecredit cash
