Dear Sir
Purchase refrigerate by my director for her Personal use.
Please Describe accounting entry for purchase refrigerate with under group.
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Tally Entry Purchase Item For Personal Use
Replies (7)
But for personal use asset that entry should not be entered in business accounts.
Yes, agree with Sourav.
But sir payment made company bank account
Company bank account should not have been used for personal purposes. If it already has been paid, then you need to debit the director account.
But why personal expenses made from Company bank account..
It should be debited to directors
It should be debited to directors
Director's Current A/C Dr
To Supplier A/C
Supplier A/C Dr
To Bank A/C
Refrigerator should not appear in the balance sheet; hence Refrigerator Asset account should not be created.
GST Input should not be taken.
Current A/c with Director A/c Dr.
To Bank A/c Cr.
This amount will be then adjusted with director remuneration at the time of payment.
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