Advance for Expenses
This query is : Resolved
02 June 2009
Dear Sir/Madam,
In the starting of month if Director of Company takes Advance for expenses then I pass entry in tally as
1) Advance for expenses.....Dr
(Under Current Assets)
To Cash
2) Then when they give me vourchers against the advance i pass entry as
Pass Entry in Tally in Journal Expenses Voucher
Expenses A/c .........Dr
To Advance for Expenses
To Cash (if expenses more then Advance given)
Is it right ?
In the starting of month if Director of Company takes Advance for expenses then I pass entry in tally as
1) Advance for expenses.....Dr
(Under Current Assets)
To Cash
2) Then when they give me vourchers against the advance i pass entry as
Pass Entry in Tally in Journal Expenses Voucher
Expenses A/c .........Dr
To Advance for Expenses
To Cash (if expenses more then Advance given)
Is it right ?
02 June 2009
if it is a pvt ltd company here u also need to check the effect of sec 2(22)(e) of IT act.
02 June 2009
Hi ,
Yes it is a Pvt limited company Please explain.....is what i am doing is wrong ??
Yes it is a Pvt limited company Please explain.....is what i am doing is wrong ??
02 June 2009
Your reverse entry is correct
02 June 2009
Yes Your entry is correct .
But generly when employe take cash for exp. its Debited in Imprest a/c Not in advance .
But generly when employe take cash for exp. its Debited in Imprest a/c Not in advance .
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