Expenses Reimbursed
This query is : Resolved
17 February 2010
X Ltd engages in letting out business,
It raises invoices for every month bill?
Water charges for the customer borne by Company and the same is reimbursed from Client
My question is as followes?
Should I debit water chagers in P & L account & credit the amount reimbursed from customer?
Or
not showing the above in P & L account , by giving debit note and adjust through their Account ?
Pls Kindly advice me on the above ?
It raises invoices for every month bill?
Water charges for the customer borne by Company and the same is reimbursed from Client
My question is as followes?
Should I debit water chagers in P & L account & credit the amount reimbursed from customer?
Or
not showing the above in P & L account , by giving debit note and adjust through their Account ?
Pls Kindly advice me on the above ?
17 February 2010
Dear Sanalkumar
As per my opinion,it is better to route it through P&L a/c to have tracking of the transaction in future if any operational hazard is not there.otherwise second option can be exercised.
by routing transaction through P&L,it will give transperancy to the user of financials also.
Thanks
Regards
CA Hiral
As per my opinion,it is better to route it through P&L a/c to have tracking of the transaction in future if any operational hazard is not there.otherwise second option can be exercised.
by routing transaction through P&L,it will give transperancy to the user of financials also.
Thanks
Regards
CA Hiral
17 February 2010
My view
While paying Debit Water charges and credit cash
While reimbursement Credit the Water charges and debit Cash
Mixing with client ledger not good and if you want track clinet reimburment details create cost centre in the name of client do the credit & debit through same cost centre
While paying Debit Water charges and credit cash
While reimbursement Credit the Water charges and debit Cash
Mixing with client ledger not good and if you want track clinet reimburment details create cost centre in the name of client do the credit & debit through same cost centre
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
