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
Menu
Leave encashment payable entries
Replies (1)
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 .
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 .
Recent Topic
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
- Tax Refund timeline
- Is Form 10E applicable for Notice Pay received in
- INCOME RECEIVED FROM COMPANY FOR ELECTRIC POLLS
- ITR Processing By CPC Now Super Fast - Much apprec
- Abroad Jobs
- Professional Income in 44AD
- Presumptive taxation
Related Topics
CAclubindia
