Salary booking

A/c entries 181 views 3 replies

1 Points Joined September 2015

Hi ,

One of my friends company booking salaries as per below:-

1. Employees Joined after 20 will not get salary and cost will also not booked but PF contribution is booked in Current month.

2. IN next month he is booking the cost of 40 Days is this a right practice as per AS?

Replies (3)

Accountant

3479 Points Joined August 2014

No.....

teaching

2046 Points Joined February 2009

they need to follow mercantile system of accounting. so they need to book salary expenditure on 31st March itself.

338 Points Joined March 2017

No, the salary expense must be booked in the respective year of being due itself.

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