Salary payable

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2012 1. under which group salary payable should be created and how

2. under which group salary should be created and how

aadish

aadish (Expert)
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02 August 2012 salary payable should be created under current liability.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2012 thanx for answer
how to deal with any loan taken from 'x' and how to settle. how to enter journal and payment entry if returned after 3 months

aadish

aadish (Expert)
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04 August 2012 Loan Taken entry- bank account Dr. to Loan Account, and interest entry 1) payable entry- interest expenses a/c Dr. to interest payable A/c, the 2) paid entry - interest payable a/c Dr. to bank A/c.
Loan returned entry- Loan A/c Dr. to Bank A/c.

Querist : Anonymous

Querist : Anonymous (Querist)

07 August 2012 sir, i m working in an ngo as accountant but new. pleas clear my doubt in tally. suppose 'a' salary is 5000. he taken 3000 advance from salary and not returned. i paid a cheque next month rest 2000. 'b' salary is 10000, taken 5000 advance from salary and returned so i paid him 10000 total salary. what all to do in tally.

what i did is, i opened 2 ledgers under direct expenses head namely sal to a and sal to b. 2 more ledgers under current liabilities namely sal payable to a and sal payable to b.
for advance payment. for a - sal to a dr. to cash and for b sal to b to cash. when b refunded - cash dr. to sal to b.
at end of month i passed journal entry as
sal to a 2000 dr.
sal to b 10000 dr.
to sal payable to a 2000
to sal payable to b 10000
and next month when sal paid to a and b
sal payable to a 2000 dr.
to cash 2000
sal payable to b 10000 dr.
to cash 10000

aadish

aadish (Expert)
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07 August 2012 In first case,open two accounts, advance to a a/c under current assests, and then do entry..advance to staff to cash, then when u r paying next 2000, make entry salary a/c Dr.5000, advance to staff cr.3000 and bank a/c cr. 2000.
this is the process. ok

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