Create following journal entries to record advance salary :
1) At the time of payment:
Debit: Advance salary(under Loans & advances)
Credit: Cash or Bank
2) When salary will become due:
Debit: Salary
Credit: Advance salary
Create following journal entries to record advance salary :
1) At the time of payment:
Debit: Advance salary(under Loans & advances)
Credit: Cash or Bank
2) When salary will become due:
Debit: Salary
Credit: Advance salary
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