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Leave encashment payable entries


naresh poojari (CS)     23 September 2020

naresh poojari
CS 
 25 points

| My Other Post

hello

we have paid leave encashment to the employees on the date of 07/08/20 from Jan 2019 to Dec 2019

So kindly clarify what will be the expenses entry and payments entry with what date this will comes in tally

Regards
Naresh Poojari

prasad Nilugal   23 September 2020

prasad Nilugal

 129 likes  2019 points

View Profile | My Other Post

On 31 at March 2020 you have to pass entry as follows .

Leave encash Expense A/c Dr
To Leave encash Expense payable 2019-20 Cr
( Being leave encash Expense from Jan 10 to Dec19 payable )

On 1/4/2020 you have to carried forward as oping balance Leave encash Expense payable 19-20 A/c

on 7/8/ 2020 you pass entry
Leave encash Expense 19-20 A/c Dr
To Bank A/c A/c. Cr
( Expense of 19-20 paid) .

Leave encash Expense payable 19-20 A/c will under provisions , liability Side .


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