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Advance entry

gaddala ramesh (163 Points)

07 June 2023

sir, required examples of advance and settlement entry

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prasad Nilugal ( GST Practitioner & Accounts ) (14149 Points)
Replied 07 June 2023

Example Advance Salary paid and settlement.

Advance salary paid on 25 -5-2023

Advance Salary A/c Dr
To Bank A/c Cr
( advance salary paid)

On 31 St May 23 entry

Salary. A/c Dr
To Salary payable A/c Cr
( salary payable entry)

Actual salary paid on 4-6-2023

Salary payable A/c Dr
To Advance salary A/c Cr
To Bank. A/c Cr
( after settlement or advance adjustment, balance salary paid)

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