Accounting entry
This query is : Resolved
08 January 2008
Dear all,
Plz help me,
1.My company's V.P paid his house rent and electricity bill from the Company's bank A/C(he also provides capital to the co.)
so how can i treat this entry.........?
Thanks in advance
Plz help me,
1.My company's V.P paid his house rent and electricity bill from the Company's bank A/C(he also provides capital to the co.)
so how can i treat this entry.........?
Thanks in advance
08 January 2008
Hi Saroj,
The house rent and electricity shall be taxed as perquisites in the hands of your VP.
Rgds/
Vineet
The house rent and electricity shall be taxed as perquisites in the hands of your VP.
Rgds/
Vineet
08 January 2008
Sir plz give me the acounting treatment
08 January 2008
DR. VP'S PERSONAL ACCOUNT
CR. COMPANY'S BANK ACCOUNT
THEN DEPENDING ON THE COMPANY'S EMPLOYMENT CONTRACT WITH HIM,THE EXPENDITURE CAN BE TREATED AS BELOW:
AS PER COMPANY'S CONTRACT IF COMPANY HAS TO BEAR SUCH EXP.(THOUGH TAXABLE IN HIS HANDS AS PERKS AND FBT FOR COMPANY),
DR.LEASE CHARGES/ RENT (FOR HOUSING HIRED BY COMPANY)
DR.ELECTRICITY
CR. VP ACCOUNT.
IF HE IS NOT ENTITLED FOR THESE AMENITIES AS PER CONTRACT,RECOVER FROM HIS SALARY AND CREDIT HIS ACCOUNT AFTER SUCH RECOVERY.
R.V.RAO
CR. COMPANY'S BANK ACCOUNT
THEN DEPENDING ON THE COMPANY'S EMPLOYMENT CONTRACT WITH HIM,THE EXPENDITURE CAN BE TREATED AS BELOW:
AS PER COMPANY'S CONTRACT IF COMPANY HAS TO BEAR SUCH EXP.(THOUGH TAXABLE IN HIS HANDS AS PERKS AND FBT FOR COMPANY),
DR.LEASE CHARGES/ RENT (FOR HOUSING HIRED BY COMPANY)
DR.ELECTRICITY
CR. VP ACCOUNT.
IF HE IS NOT ENTITLED FOR THESE AMENITIES AS PER CONTRACT,RECOVER FROM HIS SALARY AND CREDIT HIS ACCOUNT AFTER SUCH RECOVERY.
R.V.RAO
09 January 2008
thanks a lot
10 January 2008
Assuming its company,
the rent and eletricity charges are Perks.
Hence FBT is attractable
Amount so invested may hold as Share application money then you can transfer to Share capital if the authorised capital is with in the limit
the rent and eletricity charges are Perks.
Hence FBT is attractable
Amount so invested may hold as Share application money then you can transfer to Share capital if the authorised capital is with in the limit
17 March 2008
THIS IS A PART OF MANAGERIAL REMUNERATION
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