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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2010 Respected sir,

WE have paid two month Advance salary on dated 03 June 2010. What will be journal entry inthe month of june for advance payment. And what will be journal entry in the month of july and August for salary adjustment

With regards,

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 June 2010 For payment
Debit :Advance salary A/c (under loans & advances)
Credit: Cash/Bank

For adjustment

Debit: Salary A/c ( Expenses)
Credit: Advance Salary A/c

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

03 June 2010 For payment
Debit :Advance salary A/c (under loans & advances)
Credit: Cash/Bank

For adjustment

Debit: Salary A/c ( Expenses)
Credit: Advance Salary A/c