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Advance for Expenses

This query is : Resolved 
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(Querist)
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 ?
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C A Anjani Kumar mundhra

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C A Anjani Kumar mundhra (Expert)
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.
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Ami

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Ami (Querist)
02 June 2009 Hi ,
Yes it is a Pvt limited company Please explain.....is what i am doing is wrong ??
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
02 June 2009 Your reverse entry is correct
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Jiwan singh

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Jiwan singh (Expert)
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 .
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