Pankaj Arora (Job) (150 Points)
26 May 2011Dear All
A director of a limited company buys a laptop for the company by his personal credit card and produces the in the name of company and submits the bill. Company pays the bill of the credit card by its own funds.
What will be the journal entries.
Thanks
Ajay K
(Accounts/Finance & CA Final Student )
(200 Points)
Replied 26 May 2011
1st option
Office Equipments A/C DR.
To Bank A/C
2nd option
1.
Office Equipments A/C DR.
To Directors Current A/C
2.
Directors Current A/C DR.
To Bank A/C
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 26 May 2011
I think 2nd enrty above is correct one
SACHIN BHASKAR BHOSLE
(Internal Auditor)
(21 Points)
Replied 27 May 2011
The above 2nd Entry is right.But laptop is fixed asset of the company so it debited to Computer/Laptop A/c as fixed asset.
Vijayaraghavan
(Junior Accounts Officer)
(26 Points)
Replied 27 May 2011
1st entry.
Office Equipments A/c. Dr.
to Concern's Creditors A/c.
Every fixed assets Bought entry should be posted to concern's Party Account , because some problems happen
in Fixed Assets in futures and you said PVT LTD COMPANY so we cant post a entry directly to bank
2nd entry.
Concern's Creditors A/c. Dr.
to Director's Current A/c
3rd entry.
Director's Current A/c
to Company Bank A/c
this is the way to posting entry
ARVIND NAGAR
(article)
(31 Points)
Replied 27 May 2011
I WANT TO KNOW THE PROCEDURE FOR RECEIVING OF ARTICLESHIP COMPLETION CERTIFICATE.
CAclubindia
