Entries for lumpsum payment of salary?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2013
Hey all,
What would be the accounting entries normally passed if salary is not directly credited and debited to the respective employee's a/c- that is bulk salary due and payment entries for all employees?
What would be the accounting entries normally passed if salary is not directly credited and debited to the respective employee's a/c- that is bulk salary due and payment entries for all employees?
14 September 2013
At the time of Credit of Salary:
Basic Salary A/c Dr.
Allowance A/c Dr.
Spl All Dr.
To PF A/c
To ESIC A/c
To Professional Tax A/c
To TDS A/c
To Salary Payable A/c/Outstanding Salary A/c
At the time of Payment:
Salary Payable A/c/Outstanding Salary A/c Dr
To Cash/ Bank
Basic Salary A/c Dr.
Allowance A/c Dr.
Spl All Dr.
To PF A/c
To ESIC A/c
To Professional Tax A/c
To TDS A/c
To Salary Payable A/c/Outstanding Salary A/c
At the time of Payment:
Salary Payable A/c/Outstanding Salary A/c Dr
To Cash/ Bank
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