09 October 2012
I paid incentive to an employee...but for some reasons I had to reverse it by adjusting with his upcoming salary. So I passed this entry : STAFF ADVANCE A/C..........Dr. To INCENTIVE PAYABLES A/C.
So when I go to incentive payables ledger its shows credit balance of that amount.
So how to clear off incentive payables account? Is there any other entries required eccept salary entry
09 October 2012
Why because of the above entry previously recognised expenditure now returned i.e no expenditure so credit to the expenditure account to which you given debit.
CAclubindia
