Journal entry for exprenses incurred by Director
This query is : Open
05 December 2016
Director has incurred expenses like petrol & diesol on his on name and also incurred some other expenses on his own name.should we pass the journal entry like we do in business expenses. eg
expenses a/c Dr.
To cash/bank
or should I debit his capital account??
kindly clarify.
05 December 2016
If u r going to reimburse ur director later on then pass the entry as mentioned below:-
Expenses Dr
To Director
And at the time of reimbursement:-
Director Dr
To cash/Bank
Please do not accept director's personal expenses in books of accounts. And if it is on behalf of company then post a simple expense entry.
Expenses Dr
To Director
And at the time of reimbursement:-
Director Dr
To cash/Bank
Please do not accept director's personal expenses in books of accounts. And if it is on behalf of company then post a simple expense entry.
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