Sir
This query is : Resolved
06 September 2016
what is the accounting entry for salaries payable after leave deductions for eachemployees.
06 September 2016
take some numerical values for better understanding....
say salary is 100, leave deduction is 2, salary to be paid is 98.
Method 1.
debit salary 98
credit bank 98
Method 2.
Debit salary 100
credit salary payable 98
credit leave deduction 2
(Please note, salary and leave deduction are under same group so that they are net out while transferring to P & L)
Debit salary payable 98
credit bank 98
say salary is 100, leave deduction is 2, salary to be paid is 98.
Method 1.
debit salary 98
credit bank 98
Method 2.
Debit salary 100
credit salary payable 98
credit leave deduction 2
(Please note, salary and leave deduction are under same group so that they are net out while transferring to P & L)
Debit salary payable 98
credit bank 98
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- GST ISSUE OF INPUT AND OUTPUT GST
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
