comapny paid expense on behalf of other after due date , it
recieved it, whichb type of entry company do in accounting?
expense claims comes under personal account, real cccount
or other?
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Answer / ayoub husse
Dr expenses eg Fine and Penalt
Cr third party to be paid
Dr Third party
Cr cash/bank
Send a debit note if the company is creditor to you or a credit note if is a debtor
Debit note
Dr company ie you have paid on it's behalf
Cr expenses eg fines and penalts
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Answer / lijo jose
If the company paid amount on behalf of another then its an expense fro the company and at the same time it is to be receivable from him.journal entry is
cash a/c Dr.
To Party's a/c
| Is This Answer Correct ? | 5 Yes | 8 No |
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