Question

Pass the opening entry From the following balances-:

Assets – Cash Rs. 8000, Bank balance Rs. 20,000, stock rs. 54,000 debtors Rs. 47,000

Liabilities – Crediters Rs. 15000, Bank overdraft Rs.5,000.

B) Pass the Journal entry for outstanding salary.​

Answer 1

Answer:

cash a,/ c. dr 8000

bank a/ c. dr. 20000

stock a/c. dr. 54000

debtors a/c. dr. 47000

To creditors a/c. 15000

To bank overdraft 5000

To capital a/c. 109000

salary.a/c. dr

To outstanding salary

Answer 2

Answer:

Cash a/c Dr. 8000

Bank balance a/c Dr. 20000

Stock a/c Dr. 54000

Debtors a/c. Dr. 47000

To creditors a/c. 15000

To bank overdraft a/c. 5000

To capital a/c. 109000

B) if outstanding salary is an expense..

Outstanding salary

To salary

If an income.

Salary

To outstanding salary