Menu
Cash balance not accounted
If someone has not given the account of cash and we have deducted the balance from the salary, what will be his entry?
Replies (3)
Quick Summary
As per my opinion first record the advance given and then offset it when deducting but subject to 40(A)(3) provison.
For example you have given Cash of Rs1000/- to Mr A as advance for an expenses, he has not given the account of Cash, so you have deducted from salary .
Advance to A A/c Dr 1000
To Cash A/c Cr. 1000
( paid to Mr A)
Adjusted against salary.
Salary A/c Dr 15000
To Salary Payable A/c Cr 14000
To Advance to A A/c Cr. 1000
( Advance given adjusted against salary)
Advance to A A/c Dr 1000
To Cash A/c Cr. 1000
( paid to Mr A)
Adjusted against salary.
Salary A/c Dr 15000
To Salary Payable A/c Cr 14000
To Advance to A A/c Cr. 1000
( Advance given adjusted against salary)
The advance is not I. The querry
Recent Topics :
- On which amount 200% penalty under section 270A is
- RECEIVED INTIMATION U/S 399 FOR TDS PAYMENT ON PRO
- How do CA firms track SEBI/AMFI circulars and dead
- Jurisdictional validity of Sec 148 notice after fa
- Taxable Income or Not
- GST Input Tax Credit (ITC) on Camera Purchase &
- What makes CA Himanshu Singla different from other
- TAX TREATMENT AND ACCOUNTING ENTRIEOF PERQUISITES
- Gifting money to my father-in-law (my husband's da
- GSTR-1 JSON from marketplace exports (Myntra / Ama
Related Topics :
CAclubindia
