Adjusting staff advance
This query is : Resolved
09 October 2012
I paid incentive to an employee...but for some reasons I had to reverse it by adjusting with his upcoming salary. So I passed this entry : STAFF ADVANCE A/C..........Dr.
To INCENTIVE PAYABLES A/C.
So when I go to incentive payables ledger its shows credit balance of that amount.
So how to clear off incentive payables account? Is there any other entries required eccept salary entry
To INCENTIVE PAYABLES A/C.
So when I go to incentive payables ledger its shows credit balance of that amount.
So how to clear off incentive payables account? Is there any other entries required eccept salary entry
09 October 2012
At the time of payment of incentive which entry passed i mean for which account you debited.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
09 October 2012
(Incentive. A/C........dr
To INCENTIVE PAYABLES A/C ) (INCENTIVE PAYABLES A/C ....dr
To HDFC BANK A/C
To INCENTIVE PAYABLES A/C ) (INCENTIVE PAYABLES A/C ....dr
To HDFC BANK A/C
09 October 2012
Then now pass the following entry.
Incentive payable a/c dr
To Incentive a/c
(Being incentive paid previously recovered from the employee so and so reason)
OM SAI SRI SAI JAI JAI SAI
Incentive payable a/c dr
To Incentive a/c
(Being incentive paid previously recovered from the employee so and so reason)
OM SAI SRI SAI JAI JAI SAI
09 October 2012
Why because of the above entry previously recognised expenditure now returned i.e no expenditure so credit to the expenditure account to which you given debit.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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