Expenses incurred by company director


This query is : Resolved 

Quick Summary
This discussion clarifies the accounting treatment for fuel expenses incurred by a company director that are paid at a later date. The correct journal entry involves debiting 'Fuel Expenses' (an indirect expense) and crediting the 'Director's Account'. It's recommended to use a sub-ledger under 'Fuel Expenses' for 'Directors' rather than creating a separate main ledger for directors.

05 June 2023 fuel expense bill submitted by company director but pay later what is the journal entry and ledger create under which head : fuel exp. (indirect exp.) other ledger

05 June 2023 Fuel expenses, directors.

05 June 2023 Can i create director ledger under which account head

05 June 2023 No, main ledger fuel expenses sub ledger directors.

05 June 2023 what is the proper entry

05 June 2023 Fuel expenses debit
Director account credit.


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