Entry

This query is : Resolved

kamana Mayekar (Querist)
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02 December 2019 I want to adjust the loan of a staff against 1 month salary. So how the entry show come?
Eg: If
Basic salary is 40/_
HRA is 20/_
Other Allowance is 20/_
To Salary Payable is 40/_
TO PT is 5/_
TO staff Interest is 5/_
TO Staff Loan is 30/-

So now how the full amount of Salary Payable will get adjusted against Staff Loan?
Can anyone plz help me to pass the Entry

GN Patankar

GN Patankar (Expert)
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01 March 2020 Plz do journal entry as
Salary account Dr
Allowance account Dr
To PTax payable account Credit
To. PF payable acct Cr
To Advance account (person)
entire amount of Salary ,after statutory deduction, Will adjust against loan amount