Hello All,
Suppose company ( B) is in india and incurred expenditure and issue invoice to its HO (A) in USA for reimbusement of expenses. what will be the Journal entry in both the books of account.
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Reimbursemet of expenses
Replies (1)
India company books;
expense a/c
To Bank/Cash a/c
(expansion incurred by India company)
H.O a/c
To Reimbursement a/c (P&L)
(posted as debtors/receivables)
Bank a/c
To H.O a/c
(once Reimbursement is done)
H.O books;
expenses invoice a/c
To Payables/India Company a/c
(invoice received by head office)
Payabls/India co. a/c
To Bank a/c
(when head office clears payments)
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