Reimbursement entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2014
Hello Everyone,
Rs.10000 was paid to employee for the purchase and he had purchased of RS.8000 only.He had returned the 2000 to the cashier.
what would be the accounting entry in this case.
Regards,
Chirag
Rs.10000 was paid to employee for the purchase and he had purchased of RS.8000 only.He had returned the 2000 to the cashier.
what would be the accounting entry in this case.
Regards,
Chirag
12 August 2014
Dear Chirag,
Entries
1.) Employee (name of employee)
imprest account Dr, 10,000
To cash / bank Cr.10,000
2.) Purchase / expense account Dr.8000
To employee imprest a/c. Cr.8000
3.) Cash a/c. Dr.2000
To employee imprest a/. Cr.2000
When co. gives some money to spend on co's behalf then employee's imprest account is created (under the head advances)
Regards,
Devanand
Entries
1.) Employee (name of employee)
imprest account Dr, 10,000
To cash / bank Cr.10,000
2.) Purchase / expense account Dr.8000
To employee imprest a/c. Cr.8000
3.) Cash a/c. Dr.2000
To employee imprest a/. Cr.2000
When co. gives some money to spend on co's behalf then employee's imprest account is created (under the head advances)
Regards,
Devanand
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