Accounting of perquisites
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 February 2013
We have given motor vehicle to Key Manaegerial person. Hence, Rs. 2400/- is treated as perquisites. Salary of KMP is Rs. 100,000/-. What will be the accounting entry for the value of perquisites given
Hari Beldona
(Expert)
06 February 2013
If running and maintenance expenses are borne by the employee no entry only depreciation is to be recorded.
If the running and maintenance expenses are borne by the employer the accounting entry as below:
Vehicle Maintenance A/c Dr
To Cash/Bank A/c
(with actual expenses incurred during each month)
If the running and maintenance expenses are borne by the employer the accounting entry as below:
Vehicle Maintenance A/c Dr
To Cash/Bank A/c
(with actual expenses incurred during each month)
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