I have paid Rs. 20k to Mr. A in his bank account for purchase of raw material on behalf of company.
He withdraw cash from his bank account and purchase raw material from 3 to 4 vendors.
He submit his account in finance Dept.
As a company how can we make account entry??
PLEASE ADVICE.
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Paid for expense in bank account
Replies (3)
Book the Invoices as per parties name. Payment will be account Mr A's name...
After that give journal entries from A to party account with suitable narration...
( here who is Mr A )
After that give journal entries from A to party account with suitable narration...
( here who is Mr A )
1).Mr.A a/c Dr
To Bank
2).Purchases A/c Dr(same entry for other three vendors)
To Vendor
3).Vendor 1 a/c Dr
Vendor 2 a/c Dr
Vendor 3 a/c Dr
Vendor 4 a/c Dr
To Mr.A a/c
To Bank
2).Purchases A/c Dr(same entry for other three vendors)
To Vendor
3).Vendor 1 a/c Dr
Vendor 2 a/c Dr
Vendor 3 a/c Dr
Vendor 4 a/c Dr
To Mr.A a/c
Yes certainly .
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