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Personal salary

saman (student) (61 Points)

20 May 2012  
M tryin 2 solve few questions of acountng 4 incmplete recods,bt strucked at the personal salary.here in my question proprietor is taking certain sum as his salary mnthly and in d aditional infrmatn salary 4 2 mnths is due.nw how shud i treat this?

 1 Replies

Mayank Mall (CA-Final) (316 Points)
Replied 20 May 2012

well what is due is outstanding salary....the amount given as salary must be treated as the amount of salary for each month unless stated otherwise, and thereon in the balance sheet and profit and loss you have to show liabilities and expenses respectively as Salary outstanding.....cash a/c shouldn't be affected.

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