Please help,
Managerial Salary is Rs. 3600/- in Trial Balance, but as per calculation (Adjustment) is Rs. 5723/-. Then what is the effect of Balance amount i.e. (5723-3600) 2123/-. As per ICAI Notes its shown in Sundry Creditors under Trade Payable. Please tell it is right ?
its right and we can do this treatment also (outstanding salary and it will come under liabilities in balance sheet under current liabilties and provisions)
THE BALANCE AMOUNT OF SALARY WOULD BE STANDING AS AN LIABILITY UNDER THE HEAD OF "CURRENT LIABILITY AND PROVISION" AS "OUTSTANDING SALARY" NOT AS TRADE PAYABLE....
Agree with both of the above.
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