John jeba (Finance executive) (44 Points)
31 December 2014Hi,
I like to enquire on journal entry,deals with purchase and remibursement of asset.
e.g ,Purchase of Computer on 01.12.2014, on behalf of Client(X), raise invoice as rembursement to the client(X)
Questions is
1) What is the journal entry to book the expenses?
2) Can we shown it as Asset ?
3)How to shown the reimbursement Entry sub ledger, do we shown as Income or Expenses
4)Shall we pass the Sales entry
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 05 January 2015
Hi John, Your query is not clear.
Whats you purchased and whats you reimbursed to client.
Please clear it.
Sai Prasadh
(Investment advisor)
(139 Points)
Replied 20 January 2015
john - just create client account under sundry debtors
(1) when u purchase computer :
client(x) a\c Dr
to bank a\c
(2) when u give the computer and get cash or cheque
bank/cash a/c Dr
to client(x) a/c
Vikas Mishra
(student)
(234 Points)
Replied 20 January 2015
exactly
create debtor account on the name of your client and make entry as above
Sai Prasadh
(Investment advisor)
(139 Points)
Replied 20 January 2015
CAclubindia
