Sharing of office expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Office premises which is purchased jointly by husband & wife in 75:25 ratio. Office is being jointly used for their individual profession in almost similar fields say Doctors / Financial services providers etc.
Regarding sharing of common revenue expenses like stationary, electricity bill, telephone expenses which is better accounting practice;
1) Maintain a joint account for office expenses and transfer funds in joint account by husband and wife in equal proportion.
2) Total petty cash and other expenses can be settled at the end of accounting year by way of transferring 50% share from husband to wife.
Thanks in advance.
Regarding sharing of common revenue expenses like stationary, electricity bill, telephone expenses which is better accounting practice;
1) Maintain a joint account for office expenses and transfer funds in joint account by husband and wife in equal proportion.
2) Total petty cash and other expenses can be settled at the end of accounting year by way of transferring 50% share from husband to wife.
Thanks in advance.
17 April 2012
Dear Author,
The treatment adopted by you is correct and you can share the expenses in equal proportion.
At the time of filing the return both of you will get the deduction of expenses appropriated by you.
The treatment adopted by you is correct and you can share the expenses in equal proportion.
At the time of filing the return both of you will get the deduction of expenses appropriated by you.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
