* what is the accounting head of the following transaction
1. Amount paid to pollution control board Rs.35000/-
2.Amount paid to Water authority for new connection - Rs.28000
3. Y is the Director of X.pvt he buy the following item through company cash a/c
. a wrist watch from amazon, Rs 55000
b. buy a gift 15000
for first two debit Rates & Taxes Account and for the third one if Director bought gift & watch for personal use Debit directors account and the same should be adjusted with his salary afterwards. if not, then debit other expenditure or misc account.
Yes, agree with CA. Rohit Jain
Mr.Rohit Jain is correct. But adjusting the personal nature expenses of director in Misc.expense account is not suggested because auditor will disallow the same during statutory audit or tax audit if it comes to his notice.
Agreed with harshal Totla
Jawahar and Associates Chartered Accountants
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