Entry in books of accounts for loan given to ceo of company
Querist : Anonymous
Book it under expenditure head.
Querist : Anonymous
Mine company is Partnership firm loan taken by CEO(and he is also family member of owner). So, under expenditure head what accounting entry i need to pass. Is it sundry Expenses or Misc expenses.
1.Booking of expenses
Sundry or Misc exp a/c___ Dr
To XXX(Person Name A/C)
2.Payment of those
XXX(Person Name A/C)___Dr
To Bank/Cash A/c
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