Dear All
A director of a limited company buys a laptop for the company by his personal credit card and produces the in the name of company and submits the bill. Company pays the bill of the credit card by its own funds.
What will be the journal entries.
Thanks
1st option
Office Equipments A/C DR.
To Bank A/C
2nd option
1.
Office Equipments A/C DR.
To Directors Current A/C
2.
Directors Current A/C DR.
To Bank A/C
I think 2nd enrty above is correct one
Thanks Guys..
The above 2nd Entry is right.But laptop is fixed asset of the company so it debited to Computer/Laptop A/c as fixed asset.
1st entry.
Office Equipments A/c. Dr.
to Concern's Creditors A/c.
Every fixed assets Bought entry should be posted to concern's Party Account , because some problems happen
in Fixed Assets in futures and you said PVT LTD COMPANY so we cant post a entry directly to bank
2nd entry.
Concern's Creditors A/c. Dr.
to Director's Current A/c
3rd entry.
Director's Current A/c
to Company Bank A/c
this is the way to posting entry
SECOND ENTRY BY AJAY KUMAR IS CORRECT
I WANT TO KNOW THE PROCEDURE FOR RECEIVING OF ARTICLESHIP COMPLETION CERTIFICATE.
Thanking you sir for this kind of entry
2nd entry is coorect entry
Second entry is correct one
i thing 2 entry
CAclubindia
