1) Loan paid to school staff for expense (not as salary advance) how to account in tally. Loan paid to staff a/c dr to cash a/c. Is this correct ? (In payment voucher) Loan to staff which a/c head have to group ? Loans n advances asset or indirect expnces? 2)after few days d staff returnes some of d amount which they taken loan for expense, how can I a/c this ? Loan to staff a/c cr to cash a/c dr. Is this entry have to enter in rcpt voucher or journal voucher. Pls guide me regarding this sir.
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Tally entries
Replies (2)
You can make below journal entries
1) When Loan paid to staff
Loan to Staff A/c Dr.
To Cash / Bank
Loan to Staff group under Asset - Loan and Advances
2) Cash / Bank A/c Dr.
To Loan to Staff A/c
Note : When payment made use Payment Voucher and payment received use Receipt voucher
As per income tax rule No Loan / Advances paid Rs. 20000 above in Cash
1) When Loan paid to staff
Loan to Staff A/c Dr.
To Cash / Bank
Loan to Staff group under Asset - Loan and Advances
2) Cash / Bank A/c Dr.
To Loan to Staff A/c
Note : When payment made use Payment Voucher and payment received use Receipt voucher
As per income tax rule No Loan / Advances paid Rs. 20000 above in Cash
Thank you very much for your kind reply sir.
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