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Unpaid salary for Rs. 340 is to be provided for in the accounts.
- a)Bills Receivable Book
- b)Purchases Book
- c)Journal Proper (General Journal)
- d)Purchases Return
Correct answer is option 'C'. Can you explain this answer?
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Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bill...
Unpaid Salary Entry in Journal Proper
When there is a transaction that does not have a specific book to record it in, it is recorded in the Journal Proper. Unpaid salary is one such transaction that is recorded in the Journal Proper.
Steps to record Unpaid Salary in Journal Proper:
1. Identify the accounts involved in the transaction:
- Salary Account (Expense Account)
- Salary Payable Account (Liability Account)
2. Determine the amount of the transaction:
- Unpaid Salary of Rs. 340
3. Record the transaction in the Journal Proper:
Date | Particulars | Debit | Credit
- | Salary Account | 340 |
- | Salary Payable Account | | 340
Explanation:
- The Salary Account is debited for Rs. 340 as it is an expense incurred by the company.
- The Salary Payable Account is credited for Rs. 340 as it is a liability owed by the company to its employees.
Thus, the unpaid salary of Rs. 340 is recorded in the Journal Proper through this entry.
When there is a transaction that does not have a specific book to record it in, it is recorded in the Journal Proper. Unpaid salary is one such transaction that is recorded in the Journal Proper.
Steps to record Unpaid Salary in Journal Proper:
1. Identify the accounts involved in the transaction:
- Salary Account (Expense Account)
- Salary Payable Account (Liability Account)
2. Determine the amount of the transaction:
- Unpaid Salary of Rs. 340
3. Record the transaction in the Journal Proper:
Date | Particulars | Debit | Credit
- | Salary Account | 340 |
- | Salary Payable Account | | 340
Explanation:
- The Salary Account is debited for Rs. 340 as it is an expense incurred by the company.
- The Salary Payable Account is credited for Rs. 340 as it is a liability owed by the company to its employees.
Thus, the unpaid salary of Rs. 340 is recorded in the Journal Proper through this entry.
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Community Answer
Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bill...
Correct answer is option C because
bills receivable book records B/R's transactions and purchase books records only credit purchase transactions same as like purchase return book also records only credit purchase return transactions . So,UNPAID SALARY will be recorded in Journal proper
bills receivable book records B/R's transactions and purchase books records only credit purchase transactions same as like purchase return book also records only credit purchase return transactions . So,UNPAID SALARY will be recorded in Journal proper
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Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bills Receivable Bookb)Purchases Bookc)Journal Proper (General Journal)d)Purchases ReturnCorrect answer is option 'C'. Can you explain this answer?
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Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bills Receivable Bookb)Purchases Bookc)Journal Proper (General Journal)d)Purchases ReturnCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bills Receivable Bookb)Purchases Bookc)Journal Proper (General Journal)d)Purchases ReturnCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Unpaid salary for Rs. 340 is to be provided for in the accounts.a)Bills Receivable Bookb)Purchases Bookc)Journal Proper (General Journal)d)Purchases ReturnCorrect answer is option 'C'. Can you explain this answer?.
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