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General Accounting Discussions: Monthly Profit Sharing Accrual Entry

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  1.  
    • CommentAuthorkkhardy
    • CommentTimeMay 14th 2008
     
    I would like detailed explanation how to make a month end accrual entry for employee profit sharing, taking into account that employees will not share in a loss.
    • CommentAuthorvidanial
    • CommentTimeJan 11th 2010
     
    please guide how to do
    • CommentAuthorpk
    • CommentTimeJan 11th 2010
     
    At the end of each month, pass the following adjusting entry:

    Dr. Staff Bonus Expense
    Cr. Bonus Accrual

    When the payment of bonus is made at the end of the year, Debit the amount to Bonus Accrual and credit to Cash/Bank account.

    savin.yakeep@yahoo.com
  4.  
    Pk i think we can help him by using soem useful accounting site!
    Hope so with the help of useful accounting sites we can follow new trends and you can also find out more useful and updated info!
    • CommentAuthorpk
    • CommentTimeJan 13th 2010
     
    Hi Jamesparker,

    Kkhardy was asking what is the monthly accrual entry for staff bonus and I think I have answered it in the right direction.

    savin.yakeep@yahoo.com
  6.  
    Well Dear Pk i am agree with you. You got a good technique to explain each and every question nicely and precisely.
    Thats why in my most of the replies whenever i read your reply feel i satisfy.
    Well you explain it nicely!

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