WebGive the journal entries for the following adjustments-(a)Outstanding salary Rs. 3,500. (b)Rent unpaid for one month at Rs. 6,000 per annum. ... Outstanding wages Rs 2,000 and … WebOn December 31, 2024, Company Y Ltd paid the salaries for January 2024, amounting to $ 10,000 in advance to the company’s employees. Analyze the treatment of the amount paid as an advance salary by the company to its employees and pass the necessary journal entries recording the payment and the adjusting entries.
What is the accounting nature of outstanding salaries (personal, …
The outstanding expenses journal entry involves two accounts: the “Outstanding Expense Account” and the related “Expense Account”. They are an obligation for the business and therefore treated as a liability. The accounting rule applied is “credit the increase in liability” and “debit the increase in expense” (modern … See more A rent which is past its due date is called outstanding rent. Such an obligation is included in the list of current liabilities for a business and the account is treated as … See more Salaries and wages differ slightly. Part-time jobs, assignments with variable hours, and jobs with repetitive duties are commonly referred to as wages instead of … See more It is also known as accrued interest. An outstanding interest journal entry is required to record the amount of interest owed by the business on a loan obligation. … See more WebApr 11, 2024 · Accounting Treatment. Outstanding salary is added to the salary and shown on the debit side of profit and loss account. It is further shown under the head current … how many bells does yool have
Is outstanding salary account a personal account? - TimesMojo
WebWhen a company's salaried employees work and are owed money, the company must debit salaries expense and credit salaries payable. However, the journal entry... WebLedger of Outstanding expense. Outstanding expense is liability by nature therefore its have credit balance means its credit side is more than the debit side lets understand it with the … WebFeb 24, 2024 · Also, check out the image of the journal entry for the outstanding expenses as follows: Journal entry for outstanding expenses Journal entry for repaying the liability … high point university christmas 2017