The company owes some amount to the Director. The company wants to set off the same by salary paid to him. What journal entries will be passed to effect the same.
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Reducing reimbursements to Director by the salary paid to him
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in the company books director fee=10,000, loan from director 1000
Directors fee 11,000
Directors loan/ reimbursements1,000
To Bank a/c 11,000
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