Journal entry
sunil saini (accountant) (39 Points)
18 January 2021
expense paid by debit card in pvt ltd co. how will be entered
14 Replies
prasad Nilugal
(3924 Points)
Replied 18 January 2021
Expenses A/c Dr
To Bank A/c Cr
( Being expenses paid through Debit card of company ).
To Bank A/c Cr
( Being expenses paid through Debit card of company ).
sunil saini
(accountant)
(39 Points)
Replied 18 January 2021
BUT DEBIT CARD IS PERSONAL, NOT IN COMPANY , & AMOUNT NOT DEDUCT IN BANK ACCOUNT
prasad Nilugal
(3924 Points)
Replied 18 January 2021
Ok, for example as per your query Supose Mr A paid company expense through his Debit card then entry in the books of company will be
Expense A/c Dr
To Mr A A/c Cr
( Being expense paid through Debit card of Mr A)
when company will pay back to MrA ,then pass entry
Mr A A/c Dr
Bank A/c Cr
( expenses paid by A , reemburse ) .
Expense A/c Dr
To Mr A A/c Cr
( Being expense paid through Debit card of Mr A)
when company will pay back to MrA ,then pass entry
Mr A A/c Dr
Bank A/c Cr
( expenses paid by A , reemburse ) .
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 18 January 2021
Mr A A/c will be under Current liability , in Balance Sheet
bhavesh makwana
(12 Points)
Replied 18 January 2021
Drawing a/c dr
to bank
(being person exp from debit card )
to bank
(being person exp from debit card )
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 19 January 2021
EXPENSE A/C. DR.
TO PARTY A/C
TO PARTY A/C
prasad Nilugal
(3924 Points)
Replied 19 January 2021
In my example above MR A is party only , as Gandhi madam replied .
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 19 January 2021
@ Bhavesh Makawana .
Drawing means withdrawal from Business ., here in this case Party has given money form his pocket to Business .
sunil saini
(accountant)
(39 Points)
Replied 19 January 2021
| Originally posted by : prasad Nilugal | ||
 |
Mr A A/c will be under Current liability , in Balance Sheet But when I am not paid to Mr A. A/C till year end , what entry will be passed in financial year end for balance nil. and cash payment is possible to mr. A |
 |
prasad Nilugal
( GST Practitioner & Accounts )
(14863 Points)
Replied 19 January 2021
Unless you pay to Mr A balance will not be NiL , Balance at the year end ( on 31st March ) Payable to Mr A will be carried forward to Next year ( closing balance of this year will be Oping Balance in the next year ) .
sunil saini
(accountant)
(39 Points)
Replied 19 January 2021
| Originally posted by : prasad Nilugal | |||||
|
Unless you pay to Mr A balance will not be NiL , Balance at the year end ( on 31st March ) Payable to Mr A will be carried forward to Next year ( closing balance of this year will be Oping Balance in the next year ) .
1. Calculation of Direct Remuneration in Pvt ltd co. and Ltd comapny. 2. CALCULATION OF TDS DEDUCTION ON SALARY |
||||
Abdul Razak
(Accountant)
(95 Points)
Replied 19 January 2021
Hi Sunil,
Expenses A/C Dr
To Debit Card (Card No.........) or To Mr. A A/C Dr (In Case of Debit Card belongs personal) (Under Current Liability)
(Being Amount paid by Mr.A or Debit Card)
Debit Card A/C Dr or Mr.A A/C Dr
To Cash/Bank A/C
(Being Amount paid against Debit Card No..... or Mr.A for Expenses.... )
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