Sir
This query is : Resolved
06 September 2016
what is the accounting entry for salaries payable after leave deductions for eachemployees.
Amol S Joglekar
(Expert)
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
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