Question

how to adjust outstanding salaries in final accounts
please write the journal entry entry of adjustment

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Answer 1

Answer:

There are certain expenses incurred but not paid. They are called outstanding expenses. Such Outstanding expenses relate to a given accounting period but are not paid. Expenses like salaries, rents etc. of each month are paid in the following months. Such expenses, which are due for payment in given accounting year but the payment will be made in future accounting year, i.e., payment of such items is postponed, are Outstanding or unpaid expenses.

In order to bring a true result, it is necessary to account the expenses in that year in which they are incurred, irrespective of the fact whether they are paid or not. That is, all such outstanding expenses which are liability account must be recorded in the accounting period, if they relate to the accounting year.

Step-by-step explanation:

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Answer 2

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