Journal and ledger
This query is : Open
Shaik Fazal
(Querist)
01 April 2018
Ramesh an employee of salary rs 10000 per month, withdrew goods worth rs 1500 for personal use and got salary of rs 9000 in cash in the month of march, 2018.The excess payment of Rs 500 will be debited to?.
Please give explanation and answer.
Please give explanation and answer.
Jitendra Joshi
(Expert)
02 April 2018
Entry for Rs 500 should be like: Salary account- Dr/ To Sales A/c(Inventory A/c)
Shaik Fazal
(Querist)
04 April 2018
The answer is SALARY PAID IN ADVANCE account. Please explain why is SALARY PAID IN ADVANCE a correct answer sir.
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