What will be the journal entry?

India Discussion in 'General Accountancy Discussion' started by saurabhpedia, Nov 30, 2018.

  1. saurabhpedia

    saurabhpedia

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    What will be journal entry of the following ==> Owner pay from personal credit card ₹1000 for travel expense. Then withdraw money ₹1000 from company bank account via bank xfr to his personal account?
     
    saurabhpedia, Nov 30, 2018
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  2. saurabhpedia

    AGH the CPA

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    Owner needs to submit expense report for travel. Entry to account for wire transfer should be

    DR travel expense accounts (usually broken out by hotel, air, care rental, meals etc)
    CR bank (for wire)
     
    AGH the CPA, Nov 30, 2018
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  3. saurabhpedia

    saurabhpedia

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    But what in case if expense are made but doesn't claim by owner it must be there as capital liability
     
    saurabhpedia, Nov 30, 2018
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  4. saurabhpedia

    Fidget VIP Member

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    No, it's still revenue expenditure.
     
    Fidget, Nov 30, 2018
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