Guide us for accounting treatment of directors capital
This query is : Resolved
AshishLimaye
(Querist)
21 November 2013
Guide us for Accounting Treatment of Directors Capital
Nikhil Kaushik
(Expert)
21 November 2013
Dear Ashish,
What you mean by director's capital.
What you mean by director's capital.
AshishLimaye
(Querist)
22 November 2013
Director Capital means Directors Accounts consisting Receipts and Payments
Nikhil Kaushik
(Expert)
23 November 2013
ok so that wont be referred as director's capital. In a company, director may receive credits for: salary, sitting, fees, commission. For such transactions, you may debit the respective expenses and credit Director's personal account. When payments are made to the director, bank account may be credited and director's personal account be debited.
In case company has incurred any personal expense of the director, director's account is to be debited and bank account needs to be credited. When payment is received from director, bank account should be debited and personal account credited.
care should be taken now as new companies act has prohibited giving loans to directors.
In case company has incurred any personal expense of the director, director's account is to be debited and bank account needs to be credited. When payment is received from director, bank account should be debited and personal account credited.
care should be taken now as new companies act has prohibited giving loans to directors.
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