Flood relief expenditure
This query is : Resolved
13 July 2021
A bearer cheque for Rs. 95000 is issued to an employee of a college for a flood relief programme organised by the institution's teching and non-teaching staff. It is the sum of money they promised to contribute, which would be deducted from their next month's salary. How does the transaction would be recorded in the books of accounts of the college?
13 July 2021
Record it as recoverable advance to employees.
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