Debit note
This query is : Resolved
amardeep singh
(Querist)
04 July 2012
If i issued a Debit Note towards reimbursement of expenses on behalf of client for Filling fees of inspection or form-32 etc, or expenses incurred on bank proceesing fees etc etc...
what will be journal entry for this in my books..????
i passed following entry in tally
party A/c Dr.
To Out of pocket expenses A/c
is it correct??
and if its correct what will be the nature of OUT OF POCKET A/c ????
please respond soon..
thank you
what will be journal entry for this in my books..????
i passed following entry in tally
party A/c Dr.
To Out of pocket expenses A/c
is it correct??
and if its correct what will be the nature of OUT OF POCKET A/c ????
please respond soon..
thank you
CA. Hari Kishan
(Expert)
04 July 2012
firstly you would be expending the amount from your pocket, so the entry can be
OPE account (under indirect expenses or current assets) Dr. to Cash or bank cr.
On receipt or the amount from client you could dr. cash / bank and cr. OPE account.
Also instead of OPE account the amount could be debited to client account also.
OPE account (under indirect expenses or current assets) Dr. to Cash or bank cr.
On receipt or the amount from client you could dr. cash / bank and cr. OPE account.
Also instead of OPE account the amount could be debited to client account also.
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