Avail 50% discount on All CS & CMA subjects for Dec batch . Use coupon code Dec14

×

Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Accounts > A/c entries >

Very very urgent accounting query

    Post New Topic
Pages : 1





ca in practice


[ Scorecard : 391]
Posted On 17 February 2012 at 12:10 Report Abuse

our co. had made a payment of rs 5.50 lacs on behalf  of our client ,as a membership fees of golf club, how to deal with this entry and under wht head, any decided case law 



Total thanks : 1 times

Online classes for CA CS CMA



A learner
Corporate Accounts


[ Scorecard : 234]
Posted On 17 February 2012 at 15:03

Dear Manik,

 

Accounting entry does depends on the terms agreed in the contract with your client like whether it is reimbursable or not.

Also depending upon the business nature of your company and frequency of such transactions it can take a suitable place in your chart of accounts. Information provided by you is not sufficient  to comment upon.

It can be taken in to Business promotion expenses presuming your company is paying it for the services to be utilized by your client.

Thanks 

" A learner"





manik
ca in practice


[ Scorecard : 391]
Posted On 17 February 2012 at 15:41

ours is construction co, and we had paid the sum on belalf of  the client ( his personal expenditure) and the same is not recoverable from the client.




Kolluru Krishna Murty
Partner


[ Scorecard : 291]
Posted On 17 February 2012 at 17:09

Yes as rightly stated by our friend it can be taken as Business Promotion  Expenses,but for the purpose of IT the business expediency is to be proved.

kkm




A learner
Corporate Accounts


[ Scorecard : 234]
Posted On 17 February 2012 at 17:18

Originally posted by : Kolluru Krishna Murty

Yes as rightly stated by our friend it can be taken as Business Promotion  Expenses,but for the purpose of IT the business expediency is to be proved.

kkm

Agree with the same as suggested by Mr. Krishna




MAHENDRA KANTILAL TITA
Account Executive


[ Scorecard : 114]
Posted On 07 March 2012 at 16:34

Hi Every One.....

Because of this type of situations we can take signature in stamp paper which includes all type of expenses which we can take most in our favour and avoid penal action taken by IT i.e we have proof of signature on stamp paper....

 

Thanks...............



There are 5 Replies to this message






Related Files








Related Threads


Post your reply for Very very urgent accounting query



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.



Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top