InvestorQ : paid wages by check rupees 500 ki journal entry kaha hoti hai
Shamsul haq made post

paid wages by check rupees 500 ki journal entry kaha hoti hai

Answer
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Priyanka Singh answered.
8 months ago


A journal entry is made to record the economic and non-economic transactions of a company on a daily basis. There are two bases on which an entry is made: Single Entry Method and Double Entry Method.

Under the Double entry system, an entry is posted in the journal and a subsequent effect is given in the ledger.
For example: If you have paid wages of Rs.500 through cheque, the accounts that get affected are: Wages account, P&L account, and Bank account.

Entry 1:
Wages account ……… Dr500
To Bank account500
(Being wages paid through bank account)

Entry 2:
P&L account ……… Dr500
To wages account500
(Being wage expense transferred to P&L account)


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VIKAS DELIWALA answered.
8 months ago


WAGES A/C DEBIT

TO BANK A/C


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VIKAS DELIWALA answered.
8 months ago


Wages are factory expenses it will never appear in
P&L A/C.

SIMPLE ENTRY:-

WAGES A/C - DEBIT (AS DEBIT ALL EXPENSES)
TO BANK A/C. (CHAQUE IS GOING OUT)