Journal entry

Hi,

I like to enquire on journal entry,deals with purchase and remibursement of asset.

e.g ,Purchase of Computer on 01.12.2014, on behalf of Client(X), raise invoice as rembursement to the client(X)

Questions is

1) What is the journal entry to book the expenses?

2) Can we shown it as Asset ?

3)How to shown the reimbursement Entry sub ledger, do we shown as Income or Expenses

4)Shall we pass the Sales entry 

Replies (4)

Hi John, Your query is not clear.

Whats you purchased and whats you reimbursed to client. 

Please clear it.

john - just create client account under sundry debtors

(1) when u purchase computer :

                                               client(x) a\c Dr

                                                        to bank a\c

(2) when u give the computer and get cash or cheque

                                                bank/cash a/c Dr

                                                       to client(x) a/c

 

exactly 

create debtor account on the name of your client and make entry as above

Vikas Ji

this one /forum/accounting-for-mat-with-same-year-refund-317408.asp#.VL5q4V1xnIU

 

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