Advance for Expenses

This query is : Resolved

Ami (Querist)
Follow

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 ?

C A Anjani Kumar mundhra

C A Anjani Kumar mundhra (Expert)
Follow

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.

Ami

Ami (Querist)
Follow

02 June 2009 Hi ,
Yes it is a Pvt limited company Please explain.....is what i am doing is wrong ??

M Prabhakar Menon

M Prabhakar Menon (Expert)
Follow

02 June 2009 Your reverse entry is correct

Jiwan singh

Jiwan singh (Expert)
Follow

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 .

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aniruddha Mody

Rampal Saini

Jitin Aditya Kapur

Amirthalingam

George Innocent

Subscribe Now

Advance for Expenses

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA