Aronyo (Self) (51 Points)
25 September 2011Can the Managing Director of a Private Limited Company may open a savings account in his personal name to transact internet payments such as telephone bills , rail/air ticket booking etc. on behalf of the company ? If yes, then can that account be reflected in in the Balance Sheet of that Private Company ?
Chintan
(Accounts and Finance Executive CS Executive Pursuing)
(98 Points)
Replied 26 September 2011
agree with Mr arun
Aronyo
(Self)
(51 Points)
Replied 26 September 2011
Many thanks Mr. Arun Kumar and Mr. Chintan for your valued response.
Can you please suggest a way out to make the internet transactions since the Corporate Internet Banking of AXIS and ICICI doesnot allow to make usual transaction like payment of telephone bills and booking of rail tickets etc.
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 26 September 2011
make the payment from personal account and claim reimbursement. sounds baffling ? are there other angles involved in this ? Please point out then.
ars
(CS)
(445 Points)
Replied 27 September 2011
Yes, payt. from personal account is an option, otherwise pay thru credit card and submit a copy of the statement to the co. for reimbursment. This is more practical because the payer does not have to pay from his pocket and the statmt. serves as a proof of payt. The co. can directly issue the chq. in the name of the cr. card co./ bank.
O.D.SHARMA
(DGM-F & A)
(1734 Points)
Replied 28 September 2011
Where is the bar to open a account of Md.This will be saving & both optionsa re open to personnel accounts payment by account net banking & cr Card.Officail nature exp can be reiumbersed to MD by AC Payee cheque.
CAclubindia
