a business enterprise pay weekly salary of 12000 friday for five -day week ending on that day journalise the necessary adjusting entry fiscal period ends on monday and on wednesday with answers
Answers
Answer:
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The journal entry for the following are shown below:
Explanation:
The journal entry for the followings are as follows:
On Monday
Salary Expense A/c.................................Dr Rs 7,200
Salary Payable A/c..................................Cr Rs 7,200
Being the weekly salary expense incurred but not paid
On Wednesday
Salary Expense A/c.................................Dr Rs 9,600
Salary Payable A/c..................................Cr Rs 9,600
Being the weekly salary expense incurred but not paid
Working Note:
1 day salary amount = Weekly Salary / Number of days
= Rs 12,000 / 5
= Rs 2,400
So, for Monday, the amount would be:
Amount = 1 day Salary × Number of days
where
Number of days from Friday to Monday will be 3 days
Therefore,
Amount = Rs 2,400 × 3
= Rs 7,200
So, for Wednesday, the amount would be:
Amount = 1 day Salary × Number of days
where
Number of days from Friday to Wednesday will be 4 days
Therefore,
Amount = Rs 2,400 × 4
= Rs 9,600