If the director of a company visit abroad for official purpose from 23-03-2008 to 12-04-08. So in this case the expenditure of Rs 35049 be divide into this years exp and prepaid exp. And if yes then what is the base of division.Is it 50-50. or based on days. pls rehelp me.
3 Replies
Murlee
(Professional)
(204 Points)
Replied 28 June 2008
No, prepaid to be made, you may debit these amount in "Advance Travell account" in the name of Director.
These account will be reversed on booking of expenses.
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 20 August 2008
On the basis of the day to day expenditure statement of the director or on the basis of his declaration or on the completion of his travel, whichever is consistantly followed.
Prasad
(CA Final)
(140 Points)
Replied 20 August 2008
Arun, u cant make thses expenses as prepaid.............
It will be better trate as an travelling advance and set off the same once all expenses are booked.....
If the director is travelling extensivelly the its batter to bifercate the expenses on daily basis........
But it will be preferable to follow advance method...as this belongs to FY closing.
Let me know the actual tratement given...........
Recent Topics
- E-way bill 2
- Copy paste
- Can CA articleship student doing work contract wor
- Cgst and sgst value interchange in gstr9 table 6b
- Proceeds from Mutual Funds used for buying house w
- Form 12 B queries
- Accounting treatment for quality inspection
- WHETHER GST APPLICABLE ON RENT OF COMMERCIAL PROPE
- Request to "waive off" penalty imposed u/s
- TDS & Refund for Sale of Property by NRI
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
