Travel advance
This query is : Resolved
30 April 2013
WHAT IS THE ENTRY FOR THE TRAVEL ADVANCE GIVEN?
IS THE BELOW ENTRY IS CORRECT
SUSPENSE A/C DR
TO CASH A/C
AND UPON KNOWING THE ACTUAL AMOUNT
TRAVEL EXPENSES A/C
TO SUSPENSE A/C
DOES THE COMPANIES USE SUSPENSE ACCOUNT IN ITS BOOKS OF ACCOUNT? IF SO TELL ME THE OTHER INSTANCES WHERE SUSPENSE A/C IS USED
PLEASE
THANKS IN ADVANCE
IS THE BELOW ENTRY IS CORRECT
SUSPENSE A/C DR
TO CASH A/C
AND UPON KNOWING THE ACTUAL AMOUNT
TRAVEL EXPENSES A/C
TO SUSPENSE A/C
DOES THE COMPANIES USE SUSPENSE ACCOUNT IN ITS BOOKS OF ACCOUNT? IF SO TELL ME THE OTHER INSTANCES WHERE SUSPENSE A/C IS USED
PLEASE
THANKS IN ADVANCE
30 April 2013
SUSPENSE ACCOUNT IS NOT USED UNTILL THE FINANCIAL YEAR ENDS AND THE BOOKS OF ACCOUNTS ARE CLOSED.
AS FAR AS YOUR ENTRIES ARE CONCERNED THE ENTRY SHOULD BE AS GIVEN BELOW:-
ADVANCE TO TRANSPORT/TRAVELLING ADVANCES DR
TO CASH/BANK A/C
AND AS AND WHEN THE ACTUAL AMOUNT IS KNOWN THEN THE ACTUAL EXPENSES SHOULD BE ADJUSTED WITH THE ADVANCES ACCOUNT USED.
CA. RICHI SAXENA
AS FAR AS YOUR ENTRIES ARE CONCERNED THE ENTRY SHOULD BE AS GIVEN BELOW:-
ADVANCE TO TRANSPORT/TRAVELLING ADVANCES DR
TO CASH/BANK A/C
AND AS AND WHEN THE ACTUAL AMOUNT IS KNOWN THEN THE ACTUAL EXPENSES SHOULD BE ADJUSTED WITH THE ADVANCES ACCOUNT USED.
CA. RICHI SAXENA
01 May 2013
Richi Is Right. Suspense A/C does't have any space in accounts. Journal is already given by her so i am just showing you adjustment entry of given advance.
Travelling Exp Dr.
Bank A/C Dr ( Only if excess amt taken back)
Travelling Adv A/C Cr.
Bank A/C Cr ( Only if Adv Fall Short)
Travelling Exp Dr.
Bank A/C Dr ( Only if excess amt taken back)
Travelling Adv A/C Cr.
Bank A/C Cr ( Only if Adv Fall Short)
01 May 2013
THANK YOU BOTH OF YOU VERY MUCH
IT IS TOLD THAT SUSPENSE ACCOUNT IS USED ONLY AFTER THE BOOKS ARE CLOSED.
CAN YOU PLEASE GIVE ME THE EXAMPLE WHERE THE SUSPENSE ACCOUNT IS USED
IT IS TOLD THAT SUSPENSE ACCOUNT IS USED ONLY AFTER THE BOOKS ARE CLOSED.
CAN YOU PLEASE GIVE ME THE EXAMPLE WHERE THE SUSPENSE ACCOUNT IS USED
01 May 2013
SUSPENSE ACCOUNT IS USED WHEN THE TOTALS OF THE TRIAL BALANCE DOES NOT MATCH OR TALLY WITH EACH OTHER. A SUSPENSE ACCOUNT IS OPENED TO MATCH THE TRIAL BALANCE AND THEN THE CORRECTION ENTRIES ARE PASSED TO WRITE OFF THE SUSPENSE ACCOUNT
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