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Accounting of perquisites

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Querist : Anonymous

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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
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Hari Beldona

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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)
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