A company has PT for the employee when there is loss of pay...
here the co has not paid the salarybto the employee but it has deducted the PT for the employee..
what will be the entry for pt paid ???
can I enter
salaries and wages a/c - dr
PT payble a/c...
is it right???
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PT paid entry in books
Replies (3)
yes, however PT should not be paid if salary is below threshold limit of PT
If there is no liability to pay salary, then no PT is payable.
However, entries would be:
For liability:
Salary A/c Dr
To PT Payable
For payment:
PT Payable Dr
To Bank
Thank you
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