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Bills

This query is : Resolved 
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(Querist)
01 October 2011 DEAR SIR,

I AM PASSING JOURNAL ENTRIES FOR SALARIES, ELECTRICITY CHARGES ...ETC. I AM PASSING ENTRY

SALARY A/C-----DR

TO SALARY PAYABLE.


WHEN PAYMENT MADE

SALARY PAYABLE A/C----DR

TO CASH/BANK.

SALARY A/C I GAVE UNDER INDIRECT EXP. SO IN P&L A/C IT IS APPEARING OR BOOKING AS J.V. SO IN P&L J.V'S COME OR NOT?. EXPENDITURE UNDER HEAD OF A/C SALARY PAYABLE.
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
01 October 2011 payable is a liability-not an expense until paid for, and liability does not form the part of P&L, corresponding expense already hit the P&L and as money (salary) is still to be paid, equally shown in liability in the BS
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ACMA Obulirajan R

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ACMA Obulirajan R (Expert)
01 October 2011 Salary Expenses will come in P&L Debit side.

Salary payable will come in BS Liability side.
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CA Pushpendra Gaur

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CA Pushpendra Gaur (Expert)
01 October 2011 ALL THE ABOVE EXPERTS HAVE RIGHTLY GIVEN THE SOLUTION
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