BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Salary paid to Ram, in this entry Ram’s A/c will be
|
|
Debited
|
|
|
Credited
|
|
|
Neither debited nor credited
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -The journal entry for paying salary to ram would be as follows. Salary A/C Dr. Salary payable A/C Dr. The justification for these entries is that in the first entry the salary is being due and in the second entry, the salary is eventually being paid to the person.
Detailed explanation-2: -Salary paid to Ram will be debited to Ram’s Personal account.
Detailed explanation-3: -Journal Entries for Salaries Payable Since Salaries are an expense, the Salary Expense is debited. Correspondingly, Salaries Payable are a Liability and is credited on the books of the company.
Detailed explanation-4: -Salary account is debited in case of payment of salaries to employees.
There is 1 question to complete.