if your company is using personal Credit card of your company’s directors and partner’s than how are you booking such expenses in your company Account ?
5 Replies
praveen kumar devarapalli
(Managing Director)
(361 Points)
Replied 03 December 2013
the entries has to bokked as the expenses paid by the directors
Neha Nawalgaria
(Partner)
(39 Points)
Replied 03 December 2013
Company expenses paid by the credit card of a director are to be recorded as companie's expenses in the books of the company.
The director will be reimbursed for the same.
CA. Abhinay Singh
(Manager at Godrej & Boyce.)
(40 Points)
Replied 03 December 2013
Directors would be treated as Non-Trade Creditors for the Company and the Payment made through Credit Card will be expensed in the Books of the Company.
VIGNESH KUMMAN
(Accountant)
(21 Points)
Replied 06 December 2013
For these type of transactions, the journal entry will be as follows:
Office Expenses A/C Dr.......
Owner's Capital A/C to Cr......
Owner increases his capital in business by paying expenses from his personal credit card.
MANIKANDAN S
(B.Com)
(39 Points)
Replied 10 December 2013
Hi, whatever purchases happen, invoice should be get in the name of Company only. Then, we can book the invoice in Company's expense account and then re-imburse the amount to the Director.
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