re:reimbursement
This query is : Resolved
13 October 2009
we are c&F agent & distributor firm of petroleum company.we receive commission from petroleum company.we are also reimbursed for expenses by petroleum company.i want to know whether we can show that reimbursement as income in account books or whether it is a expense.i show reimbursement as expense. i have opened reimbursement expenses a/c.
Ashraf Valappil
(Expert)
13 October 2009
Reiubursed expensed cannot account as income as you have sepent it in adhoc on behalf of Pertolium Company.
So better u treat like this
While spending the amount you debit Petolium company and Credit BAnk/Cash.
and When you get reiumbersed you
Give credit to that pertolium Company and Debit Bank/Cash
Reiubursed expensed cannot account as income as you have sepent it in adhoc on behalf of Pertolium Company.
So better u treat like this
While spending the amount you debit Petolium company and Credit BAnk/Cash.
and When you get reiumbersed you
Give credit to that pertolium Company and Debit Bank/Cash
CA SANJAY MUKHERJEE
(Expert)
13 October 2009
Agree with expert
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