-Stock worth Rs 10,000 (cost price Rs 7,500) were taken by Mohan office clerk. Amount to be deducted from his salary in the subsequent month. Journal entry will be ?
24 Replies
venkata ramana
(accountant)
(58 Points)
Replied 25 June 2009
dear sir,
your selling to your staff cost price rs.7500/- or 10000/- so decide by you take one amount journal entry given below.
salary advance a/c Dr 7500
To sales a/c 7500
naration i think you know
CA Paras jain
(Audit Senior Assistant)
(1544 Points)
Replied 25 June 2009
i think answer is :-
salaries a/c Dr. 7500
to purchases a/c 7500
purchases r being cr bcoz goods r taken by employess...
Pratik More
(CA FINAL CS ICWAI AMFI IRDA CGM M.COM ALL NCFM CRTFCT CPM CPA.)
(604 Points)
Replied 25 June 2009
| Originally posted by :kckinn | ||
| " | -Stock worth Rs 10,000 (cost price Rs 7,500) were taken by Mohan office clerk. Amount to be deducted from his salary in the subsequent month. Journal entry will be ? | " |
The Dude
(Specialist- Finance)
(303 Points)
Replied 25 June 2009
Salary in advance a/c Dr 7500
To Purchase a/c 7500
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 25 June 2009
I THINK THE AMOUNT WILL BE REDUCED FROM THE PURCHASE A/C
IN THIS CONTEXT THE ENTRY DONE BY MR. PARAS JAIN MR. GARJESH IS RIGHT. SINCE THE STOCK IS USED WITHIN THE BUSINESS AND NOT TO THE CUSTOMER,
(Guest)
The following entry would come:
1)Salary in advance A/c Dr 7500
To purchases A/c * 7500
or
2) Salary in Advnace a/c Dr. 7500
To GOods/ Stock A/c *** 7500
Note: 1) It is assumed that goods are sold to employee at cost price.
2) *FIfo method is assumed 3)*** LIFO method of inventory is assumed.
amit
(student)
(291 Points)
Replied 25 June 2009
Hi all,
Anybody plz tell me what is d difference between closely held and widely held company.
MAYANK GUGLANI
(CA )
(124 Points)
Replied 25 June 2009
salaries a/c dr 10000
to profit 2500
to purchases 7500
ashish gupta
( student)
(1922 Points)
Replied 25 June 2009
Entry in Ist month
Loan to Employees Dr. 10000
To Purchases 7500
To Profit 2500
In next month
Salary A/c Dr. 10000
To Loan to Employee 10000
CA.Shaleen Srivastava
(CA , CWA*, Bcom(H))
(2004 Points)
Replied 25 June 2009
i think
salary advance a/c 7500
to Purchase a/c 7500
CA CS Bhumika Thakkar
(CA,CS)
(1618 Points)
Replied 25 June 2009
Dhruva Hegde
(Chartered Accountant)
(230 Points)
Replied 25 June 2009
Aswer will be like this
Mohan a/c Dr 10000
To sales 10000
when paying salary entry will be like this
salary a/c Dr 10000
To mohan a/c 10000. you can not treat it as salary advance since it is sales as like sales made to other customers.
Tarun Poddar
(CA FINAL)
(233 Points)
Replied 25 June 2009
according to me:
1) if given on SP
salary advance a/c 10000
to sales 100000
2)if give on CP 7500
salary advance 7500
to purchase
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