CA Foundation doubt
Explain why outstanding salary is credited as per Traditional approach?
Asked by Srivathsan30 May 2024312 views
3 answers
Siddhesh · 30 May 2024
Outstanding salary is liability and liability is always credited
Suraj · 30 May 2024
Because outstanding salary represents the salary to be paid which has been already charged to the profit and loss account
Pragati · 30 May 2024
Outstanding salary is a salary which is unpaid, being a liability for the firm. That's why it is credited.
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