mukunthaniyer

 Profile Answers by mukunthaniyer 

• Feb 28th, 2008

 

Travelling Advance given----- Rs. 10,000
Spent--- 8,000
Returned--- 2,000

Jrnl 1   At the time of Despatch of Advance:

          Conveyance Advance a/c    Dr   10,000                 
             To Bank/Cash/etc...                              10,000
(conveyance advance balance retained beyond periodical closure has to be shown in the B/S Assets side as Prepaid Expense).

Jrnl 2   At the time of Entering actual expenses/refund:

           Conveyance a/c                  Dr     8,000      (transfer to the expense acct)
           Bank/Cash a/c                    Dr     2,000      (entry for refund)
                To Conveyance Advance a/c               10,000  (balancing the previous debit)

Hope this is clear... Get bac to me if there's something wrong with it!!!

Bye...

Ajay

• Mar 1st, 2015

 

A submit the claim for expenses of Rs 1000