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Accounting Entries
please suggest me how to show the entries in books of accounts, amount paid to secretary or member of trust for their use
Replies (5)
You can show it as unsecured loan given / advance given
Loans and advance (Asset) A/c Dr. x x x
Bank A/c. Cr. x x x
Loans and advance (Asset) A/c Dr. x x x
Bank A/c. Cr. x x x
But money is not receivable from secretary or member
so how I will close the loans and advances account at the end of the financial year
so how I will close the loans and advances account at the end of the financial year
Check the ledger , there might be error of omission..
If amount is paid to secratary then you can show it as staff welfare or office expense and the transfer it to Profit and loss account.
If there is any balance in loans & advances then let it continue .There is no need to close it.
You may deduct from his remuneration/salary as per terms ..
You may deduct from his remuneration/salary as per terms ..
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