SALARY ACCOUNT
This query is : Resolved
23 October 2009
X IS MANAGER OF ABC COMPANY HE GETS SALARY RS XXX IF HE TAKES ADVACNE LOAN FROM SALARY UNDER WHICH HEAD IT SHOULD NOTED
[1] if company's managing director has given personally and this money was not recorded in any books.
and if the company has suddenly wind up..then
how should the amount be written off
can we show as unsecured loan is it possible
[1] if company's managing director has given personally and this money was not recorded in any books.
and if the company has suddenly wind up..then
how should the amount be written off
can we show as unsecured loan is it possible
23 October 2009
If it's a loan then it should be booked under Loans and advance in company's books of Accounts. It can be adjusted against monthly salary or as decided by the company.
However if it is paid a sAdvance of Salary then you have to Book in payroll expenses and the employee Mr. X to be paid tax on that.
I have failed to understand the line "IF THE COMPANY DOESNO HAVE ANY DETAILS REGARDING THIS SALARY LOAN "
how the company giving loan or advance and does not have any details, please clarify.
However if it is paid a sAdvance of Salary then you have to Book in payroll expenses and the employee Mr. X to be paid tax on that.
I have failed to understand the line "IF THE COMPANY DOESNO HAVE ANY DETAILS REGARDING THIS SALARY LOAN "
how the company giving loan or advance and does not have any details, please clarify.
23 October 2009
Please ask the question clearly so others can answer
26 October 2009
Hi,
Incase the company has no details of the payment... i understand that whether its paid as loan /advance salary, I suggest you same, As said above by Sanjay, "it should be booked under Loans and advance in company's books of Accounts. It can be adjusted against monthly salary" .....
If the above doesnot satisfies your requirement... you may pls revert back... with more clarification...
rgds,
Incase the company has no details of the payment... i understand that whether its paid as loan /advance salary, I suggest you same, As said above by Sanjay, "it should be booked under Loans and advance in company's books of Accounts. It can be adjusted against monthly salary" .....
If the above doesnot satisfies your requirement... you may pls revert back... with more clarification...
rgds,
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