cash expences of a director
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2012
after incorporation of a director of private limited company has made cash expenses for an amount of 3.5 lacks. it has 1 lack of share capital in bank .
please tell what is the accounting treatment weather to those cash expences as director loan or ignore them
please tell what is the accounting treatment weather to those cash expences as director loan or ignore them
25 September 2012
You can show it as a loan from director but then the cash account should be accordingly accounted, viz. cash should be debited by loan taken from director and then expenses paid from the cash account.
25 September 2012
You can show it as a loan from director under the heading unsecured loan but then the cash account should be accordingly accounted, viz. cash should be debited by loan taken from director and then expenses paid from the cash account.
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