Hi,
Salary and commision paid to employee through NEFT. This entry would be contra or simple pass through payment vocher.
Salary paid to properitor what would be this entry in tally
Abdul Rauf (Accounts Practicener) (76 Points)
27 December 2016Hi,
Salary and commision paid to employee through NEFT. This entry would be contra or simple pass through payment vocher.
Salary paid to properitor what would be this entry in tally
HIMANSHU GUPTA
(Sr. Accounts Executive)
(97 Points)
Replied 27 December 2016
Sandeep Dharar
(Business )
(18797 Points)
Replied 27 December 2016
For salary to employee(s):-
Salary Dr.
To Bank
For Salary to proprietor:-
No Entry
Proprieror is not liable to salary from his/her own proprietorship concern. He/She can only claim profit or loss arise from the business, but not salary.
Avinash Kumar
(CA-Final Students)
(192 Points)
Replied 27 December 2016
ankita gandhi
(student)
(5908 Points)
Replied 27 December 2016
CA Prateek Dua
(Audit Manager)
(66 Points)
Replied 27 December 2016
In case of proprietorship.. Separate entity concept is not applicable.! So all the profits belong to the proprietor! He is the owner of his own business! Owner wud give himself salary? No! So..no entry In second case!
CA Anurag Sharma
(CA )
(16790 Points)
Replied 28 December 2016
It wont be a contra entry. You just have to debit the expense i.e. salary and credit the mode of payment i.e. bank.
Abdul Rauf
(Accounts Practicener)
(76 Points)
Replied 28 December 2016
Dear Sir,
I asking this entry will be pass as a cnotra entry or not?
Sandeep Dharar
(Business )
(18797 Points)
Replied 28 December 2016
Y to pass Contra dear?? U kno the nature of Contra Entry?? when u withdraw/deposit or transfer amount then we pass contra entry, but its just a payment entry.
Abdul Rauf
(Accounts Practicener)
(76 Points)
Replied 03 January 2017
dear Sir,
So how can he withdraw money from businees. Obviously He need money every month for his own use. So how he can withdraw money from profit and transaction would be pass in the books of account
Abdul Rauf
(Accounts Practicener)
(76 Points)
Replied 03 January 2017
Dear,
Obviously he required money for his personal use. If he withdraw money for own expense how can i show this transaction in the books of account?
Sandeep Dharar
(Business )
(18797 Points)
Replied 03 January 2017
He must withdraw money, coz he is the owner of the business and earning money for that. But u can't show it as salary. U must deduct it from capital, by posting it to drawings.
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