Audit
This query is : Resolved
14 April 2011
I am doing audit of one company.
While going through the ledger of Insurance expense, i found out entries of mediclaim paid to directors family.
I want to know, whether the above is a personal expense or a business expense?
While going through the ledger of Insurance expense, i found out entries of mediclaim paid to directors family.
I want to know, whether the above is a personal expense or a business expense?
14 April 2011
It can be a business expenditure if the terms of employment of the concerned director permits the company to pay such amount, otherwise a personal expense of the said Director.
14 April 2011
agreed, if its includs under the terms of employment(contract from director by company) then business exp otherwise personal exp.
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