Reimbursement Journal Entries?
This query is : Open
20 December 2016
let's take an example "we as a firm paid hotel bills for rs 10000 from bank account on 25.03.16, for petrol 2000 in cash on 10.04.16 some other exp rs 1000 also in cash on 12.04.16. And now raised a bill on 15.04.16 to the client totalling all these rs 13000. It was reimbursed by him on 30.06.16. Please tell me the journal entries.
22 December 2016
As per me the entry will be
Client Dr.
To cash/bank
23 December 2016
i have confusion with all the following routings.:
1. Thru advance:
When exp incurred (on each dates whenever incurred):
Client Dr
To Cash/Bank
when reimbursed:
Cash/Bank
To Client
2. Thru Exp:
When exp incurred (on each dates whenever incurred):
Exp. Dr
To Cash/Bank/Payable Party
When bill raised to client for reimbursement:
Client Dr
To Exp
When amount reimbursed:
Cash/Bank Dr
To Client
3. Thru revenue:
When exp incurred (on each dates whenever incurred):
Exp Dr
To Cash/Bank/Payable party
When Bill raised to client:
Client Dr
To Revenue/P/L (Even reimbursement amount)
To Service tax
When amount reimbursed:
Cash/Bank Dr
To Client
23 December 2016
As per me you should follow the 3rd one i.e. through revenue
23 December 2016
because ST is also chargeable to reimbursement
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?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- 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
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
