Accounting Voucher Entry

237 views
User Avatar

back office asst
254 Points Posted on 05 January 2021
Sir I have paid a sum of Rs.80 in cash for labour licence renewal fees. please let me know the account head in which I debit the amount
0 Reply Share Follow
On 05 January 2021 at 17:18 Report
Replies (3)
Quick Summary
This discussion clarifies the correct accounting treatment for a labour licence renewal fee paid in cash. The consensus is to debit either a specific 'Labour Licence Renewal A/C' or a general 'Indirect Expenses A/C' and credit the 'Cash A/C'. This follows the fundamental accounting principle of debiting expenses when they increase.

User Avatar

Chartered Accountant
24588 Points Posted on 05 January 2021
Labour licence renewal a/c dr 80
to cash a/c 80

or

Indirect expenses a/c dr 80
to cash a/c 80
Reply
On 05 January 2021 at 17:41
User Avatar

back office asst
254 Points Posted on 05 January 2021
Thank You Sur !!
Reply
On 05 January 2021 at 20:04
User Avatar

STUDENT
1631 Points Posted on 05 January 2021
Expenses Increses - Debit
Asset Decreses - Credit

Follow the rule
1 Reply
On 05 January 2021 at 21:44

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Income tax query
  2. Best CA Inter coaching in laxmi nagar
  3. HOW TO SELL SHARES OF PRIVATE LIMITED COMPANY SOME
  4. Unregistered Association of Persons (AOP) Agreemen
  5. Intimation u/s 245 of income tax act
  6. Ewaybill query
  7. IDS Refund: GSTR-2B Invoice Not Validated in State
  8. Self assessment tax paid not reflected in ITR2 fil
  9. Tax on nps corpus
  10. Tired converting GSTR-1, 2B & 3B to Clean Exce

More recent discussions | Post

Related Topics :

Loading