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Head of accounts

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2014 please anyone let me know..if advance salary is given to employee before paying actual salary..comes under which head of account
and when actual salary is paid..after deducting advance..how is this treated
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 March 2014 1. Under Loans and Advances (Current Assets)

2. Entries:

(a) Advance
Employee Advance A/c Dr
To Bank

(b) Settlement

Salary A/c Dr
To Employee Advance A/c
To Salary Payable
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