Company has terminated 1 Employee say on 30th Sep 2021 and agreed to pay 3 months notice period pay in F&F (i..e, Oct to Dec 21 salary) say: 1L per month (i.e., 3 lakh).
What is the account treatment?
Is just we need to book Salary expense? OR What?
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Journal Entry - accounting treatment
Replies (1)
Salary expense a/c
Termination benefits a/c
To employee a/c
i know the employee benefit liability asset calculation, but don’t know if it reduces with every outgoing as I only did payroll system (I don’t like it too well)
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