Accounting Entry

SP2010 (Manager) (58 Points)

07 May 2010  

Friends, I am a Director of a PVT LTD start-up and I have paid for a software licence (approx Rs 5000) using my personal credit card. The product was purchased in the UK and delivered to me via a friend in the UK. It is however, entirely for business purposes. can I now write a cheque from my Company Account to my Personal Account to cover the cost of the software? If so, what Accounting entries do I need to add in my books to explain this transaction to taxman.

Your help would be much appreciated.