Accounting entry
This query is : Resolved
28 September 2012
Hello All
I am Sanjay. I want your guidance in this point.
My wife has incurred expenses of ticket etc for her mother from her account say Rs.10000/-, but my mother in law has deposited the amount in my account not her daughter's a/c. What will be the accounting entry in my books of account and my wife's books.
Kindly explain broadly by giving entry.
Regards
Sanjay
I am Sanjay. I want your guidance in this point.
My wife has incurred expenses of ticket etc for her mother from her account say Rs.10000/-, but my mother in law has deposited the amount in my account not her daughter's a/c. What will be the accounting entry in my books of account and my wife's books.
Kindly explain broadly by giving entry.
Regards
Sanjay
28 September 2012
In your Books:
Bank A/c - Dr 10000
To Wife A/c (on behalf of her Mother) 10000
(on receipt of money from your mother in law)
In your Wife Books:
Travelling/Drawings/Mother A/c- Dr. 10000
To Cash/Bank A/c 10000
(On booking of ticket expenses of her mother. The head of account should be depending upon nature of transactions)
Bank A/c - Dr 10000
To Wife A/c (on behalf of her Mother) 10000
(on receipt of money from your mother in law)
In your Wife Books:
Travelling/Drawings/Mother A/c- Dr. 10000
To Cash/Bank A/c 10000
(On booking of ticket expenses of her mother. The head of account should be depending upon nature of transactions)
28 September 2012
entries depends on that in whose books this expenses should be actually be booked.. pls reply on this matter
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