Account entry

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Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2019 Dear Sir,
Our PVT LTD company salary Rs.50000.00 has been paid from Director Proprietor CASH A/c
Confusion regarding Voucher entry in PVT LTD. Books
Journal Entry or Receipt / Payment should by passed for Salary in PVT. LTD.

Regards

CA Kamlesh Kukreja

CA Kamlesh Kukreja (Expert)
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16 January 2019 Payment from director persoanl Bank Account would be treated as Loan received from Director or Repayment of Loan Taken by director from company if any loan is taken by director from company

you have to pass journal entry as
Salary A/c .Dr
To Loan From Director Account

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2019 Hi Sir,
Can we pass Receipt / Payment vouchers.Is their any rule in company act.

1) Loan from Director Cr 50,000.00
Cash Dr 50,000.00
2)Salary Dr 50000.00
Cash Cr 50000.00

CA Kamlesh Kukreja

CA Kamlesh Kukreja (Expert)
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16 January 2019 You cannot take Loan in cash Above Rs:-20,000/- as per Income Tax Act(Sec 269SS). hence Cash Receipt & Payment Entry is not Suggested

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2019 Dear Sir,
Lots of thanking for your reply.
Please suggest me entry in Director Personal accounts.Self has been drawn from Bank.
Are below entry are correct in Director Pelsonal Account.
Bank Cr 50000.00
Cash Dr 50000.00

PVT LTD Dr. 50000.00
Cash Dr.50000.00

CA Kamlesh Kukreja

CA Kamlesh Kukreja (Expert)
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16 January 2019 It would also contravens provisions of 269ST because as per director books he cannot give loan in cash above 20000

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