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Accounting Entries

Yasir (article assistant ) (432 Points)

16 March 2020

please suggest me how to show the entries in books of accounts, amount paid to secretary or member of trust for their use

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Harshit Jain (132 Points)
Replied 16 March 2020

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

Yasir (article assistant ) (432 Points)
Replied 16 March 2020

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

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 16 March 2020

Check the ledger , there might be error of omission..

Harshit Jain (132 Points)
Replied 16 March 2020

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.

Eswar Reddy S (CFO- at NHTF) (58213 Points)
Replied 19 March 2020

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 ..

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