Xyz ltd paid salary of rs 200000 in the month of march 2016. Journalize the transaction
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Answer: salary a/c Dr. 200000
To Cash a/c 200000
Explanation:
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The answer is shown below:
Explanation:
The journal entry is shown below:
On March 2016:
Salary expense A/c Dr $200,000
To Cash $200,000
(Being salary is paid)
Since salary is an expense and the expense account is always debited so the same is shown above and the corresponding account is a cash account which is credited because it decreases the cash balance which affect the current asset side of the balance sheet
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Paid salary for month of march 10000. 31 no
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