Dear Sir
Purchase refrigerate by my director for her Personal use.
Please Describe accounting entry for purchase refrigerate with under group.
7 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 16 April 2021
But for personal use asset that entry should not be entered in business accounts.
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 16 April 2021
Company bank account should not have been used for personal purposes. If it already has been paid, then you need to debit the director account.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 16 April 2021
But why personal expenses made from Company bank account..
It should be debited to directors
It should be debited to directors
Kruzy Kiran
(Articled Assistant)
(9 Points)
Replied 17 April 2021
Director's Current A/C Dr
To Supplier A/C
Supplier A/C Dr
To Bank A/C
Refrigerator should not appear in the balance sheet; hence Refrigerator Asset account should not be created.
GST Input should not be taken.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 17 April 2021
Current A/c with Director A/c Dr.
To Bank A/c Cr.
This amount will be then adjusted with director remuneration at the time of payment.
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