CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
CA. JAIN (Chartered Accountant) 13 October 2012
My view is that..
if employee ledger account maintain
1.Salary Account Dr (with monthly salary)
To employee Account
2.employee Account Dr.
To sales Account
(its depend on amount at which goods are given to employee, doesnt matter what is cost or selling price)
3.Employee account Dr.
To Cash/Bank A/c(with balance amount given to employee, if any)
if employee account is not maintain
Salary Account Dr(total salary)
To sales(agreed amount of goods btn employer and employee)
To cash/Bank(remaining amount paid)
Note; first way is more explaining and appropriate
VJ Siva Swaroop (CA Final (Group I Cleared)) 13 October 2012
I dont understand the difference between cost and worth. Stock is recognised at cost as per AS2 (NRV in some exceptional cases)
My entry will be this:-
Salaries payble a/c dr 10,000
to Sales a/c 10,000
(Being sales accounted)
venkata akarsh.grandhi (articles assistant) 16 October 2012
according to my views
the journal entry is
salaries a/c dr. 7500
To Purchases a/c 7500
if any employee had taken goods from the company then it should be treated as drawings that made by the propreitor.
the entry will be
Drawings a/c dr. 7500
To Purchases a/c 7500
in this present case:- employee is taking the goods from the business and now salaries should be debited with 7500 only.
if any employee has taken the goods from the business concern then they will take at the cost price only and not at the selling price.
know your self (knowledge is power of student) 17 October 2012
I thing so its eg. of goods in lieu of salary
so in generaly employer will not charge profit from employee
or he may be give at some discount for yourr Q its assume that goods given at cost
so entry will be
salary a/c........................Dr. 7500
To sale 7500
[so this will be abnormal sale for calculation of G.P %]
To avoid above problem follow this one
1.employee's a/c..........Dr 7500
discount a/c..............Dr. 2500
To sales 10000
2.salary a/c.................Dr. 7500
To employee's a/c 7500
I hope so this one is correct....