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Account related

Asad Zia (Accountant) (87 Points)

02 March 2016

Conpany director is using his personal vehicle for official purpose. So the petrol bill and toll tax bill will be classified to which account. And the director has not the given to company as capital.

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4 Replies

Shekhar (CA Final) (84 Points)
Replied 03 March 2016

Include in books of accounts only those bills which relate to business purpose. If it is not identifiable, it is always prudent to charge specific percentage to personal account.

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Asad Zia (Accountant) (87 Points)
Replied 03 March 2016

So mainly the petrol and toll tax bill will be charged to travelling expense a/c. And do the maintenance of register for km wise has to maintened

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Replied 03 March 2016

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