Sharing of office expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2012
Office premises which is purchased jointly by husband & wife in 75:25 ratio. Office is being jointly used for their individual profession in almost similar fields say Doctors / Financial services providers etc.
Regarding sharing of common revenue expenses like stationary, electricity bill, telephone expenses which is better accounting practice;
1) Maintain a joint account for office expenses and transfer funds in joint account by husband and wife in equal proportion.
2) Total petty cash and other expenses can be settled at the end of accounting year by way of transferring 50% share from husband to wife.
Thanks in advance.
Regarding sharing of common revenue expenses like stationary, electricity bill, telephone expenses which is better accounting practice;
1) Maintain a joint account for office expenses and transfer funds in joint account by husband and wife in equal proportion.
2) Total petty cash and other expenses can be settled at the end of accounting year by way of transferring 50% share from husband to wife.
Thanks in advance.
17 April 2012
Dear Author,
The treatment adopted by you is correct and you can share the expenses in equal proportion.
At the time of filing the return both of you will get the deduction of expenses appropriated by you.
The treatment adopted by you is correct and you can share the expenses in equal proportion.
At the time of filing the return both of you will get the deduction of expenses appropriated by you.
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