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What type of account is salary account?
Salary is a Nominal Account & appers in the P&L A/c
while salary payable is a personal account & appears under current Liabilities
salary advance also is a personal account & appears under Current asssets : Loans & Advances
Mr.Santhosh is right. Salary is nominal account which is charged as expenditure.
its an equallient to Savings account.......;-)
| Originally posted by :santosh | ||
| " |
This is ok. I agreed. But what is the meaning of Salary Advance.
Salary is a Nominal Account & appers in the P&L A/c |
" |
- By definition it is a ype of Saving account which is opened by the employer but
- It can also be a nominal account if it given by the employee to the employer for depositing the salary.
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