WebAnswer (1 of 3): Accounts relating to expenses, losses, incomes and gains are known as nominal accounts whereas accounts relating to individuals, firms, associations or companies are known as personal accounts. * As salary is an indirect expense for business it comes under nomimnal account, whe... WebSalary payable is a liability account keeping the balance of all the outstanding wages. If the salary expenses during the year are USD100,000,000, but out o this amount, only USD80,000,000 were paid at the end of the year, then the different amount of USD20,000,000 should be the salary payable.

What is Outstanding Expense and how its journal entry made

WebTo Direct Wages 360000 Add: Outstanding Wages To Other Expenses 2000 362000 By Cost of Contract c/d 698000 To other expenses 52000 To Depreciation on Plant (Note 1) 30000 744000 744000 To Cost of Contract b/d 698000 By Contractee A/c (Note 2) 800000 To Notional Profit c/d 124000 By Cost of Work Uncertified modify fit file

Trading A/c: Items of Trading A/c, Closing Entries etc.

WebName of the account. Description. 4) Freight A/c. It is a direct expense of a business and hence, it is classified as a nominal account.. 5) Wages A/c. It is a direct expense of a business and hence, it is classified as a nominal account.. 9) Bank Charges A/c. It is an indirect expense of a business. All the expenses whether direct or indirect are classified … WebApr 25, 2024 · Outstanding expenses are expenses, which are already incurred but not paid for.these are the converse of prepaid fees. These liabilities may be intangible in the sense that a legal document evidences them. Examples of outstanding expenses are outstanding wages and salary, unpaid rent, electricity charges payable, telephone charges payable, etc. http://meiti-uae.com/library/wv4790/outstanding-salary-comes-under-which-head-in-tally modify fitbit wireless sync dongle