Audit
This query is : Resolved
14 April 2011
I am doing audit of one company.
While going through the ledger of Insurance expense, i found out entries of mediclaim paid to directors family.
I want to know, whether the above is a personal expense or a business expense?
While going through the ledger of Insurance expense, i found out entries of mediclaim paid to directors family.
I want to know, whether the above is a personal expense or a business expense?
14 April 2011
It can be a business expenditure if the terms of employment of the concerned director permits the company to pay such amount, otherwise a personal expense of the said Director.
CA Ravi Sisodia
(Expert)
14 April 2011
agreed, if its includs under the terms of employment(contract from director by company) then business exp otherwise personal exp.
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