pass the journal entry
salary due to employees Rs.10000
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Journal Entry
Salary a/c Dr
to Salary Outstanding a/c
Salary A/c - Increase in expense - So it is debited.
Salary Outstanding - Increase in Liability - So credited. As we are liable to pay.
Salary account is closed by transferring to Profit and Loss a/c
Salary Outstanding is shown on Liabilities side of balance sheet.
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