Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Accounting Journal Entries.

07 April 2023

Hello Good Morning Everyone
What is the journal entry for recieved salary according to golden rules of accounting?
Thank you in advance Everyone

Reply
Follow
Share

5 Replies

Radhey Shyam Jha (Student) (1616 Points)
Replied 07 April 2023

1. When due:
ABC A/c Dr. xxx
To Salary Income. xxx

2. When received:
Bank/Cash A/c. Dr. xxx
To ABC A/c xxx

Upgrade to CAclubindia Pro. Subscribe Now!

Gagan Kaushik (96 Points)
Replied 07 April 2023

Radhey shyam jha sir ji mein ek employee hu mein aapne books of accounts mein entry kaise Karu aise case mein bata dijiye please.

Radhey Shyam Jha (Student) (1616 Points)
Replied 07 April 2023

Dear Gagan, ye rule sabhi ke liye application hai, doesn't matter ki aap khud ke books me kar rahe ho company ke books me... If aap salaried person ho or apko khud ke liye account maintained karna hai then you can simply replace the ABC by your employer name

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 07 April 2023

Salaries R nominal accounts and so debit all expenses and credit incomes

prasad Nilugal ( GST Practitioner & Accounts ) (14803 Points)
Replied 08 April 2023

Your Bank A/c is personal account - Debit the receiver

Salary received is Nominal account - Credit gains and income.

personal account rule is - Debit the receiver and credit the giver.
Nominal account rule - Debit the expenses and loss and credit gains and income.