30 November 2016
Manager was given Rs. 20000/- in cash by our company.He incurred expenses Rs. 21500.Rs. 1500 will be reimbursed to the manager
the breakup for 21500/- is as follows.
Draw expenses = Rs. 18000/-
Fuel expenses =. Rs. 2500
Food =. Rs. 1000
He lost the bill for Rs. 1000 which was incurred for food.Rs. 1500 is to be reimbursed to him
How to make journal entries for these transactions.Kindly help
30 November 2016
U can just pass a payment entry. I'll suggest not to bother regarding the bill of 1000/- until u receive any query regarding that from Department during assessment.
01 December 2016
M I Right Here.kindly tell me sir
At the time of withdrawal of cash for expenses
Cash A/C. 20000
Bank A/c. 20000
at the time cash is given to manager to meet expenses.
Manager A/c. 20000
to cash A/c. 20000
At the time when manager raises bills to account department
Expenses A/c. 21500
To Manager. A/c. 21500
Payment to Manager for meeting expenses upto RS. 1500 from his own pocket
Manager A/c 1500
To cash/bank. 1500
kindly confirm.
CAclubindia
