I paid 10,000 Rs in advance to the employee for meeting his
expenses. The employee met only 5000 expenses and the
remaining 5000 he has to retern to the company. How will
you define it.
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Answer Posted / anumani
HI,
While creating invoice of prepayment,
Prepayment A\c 10000
To liability A\c 10000.
Payment of the prepayment,
Liability A\c 10000
To bank |cash A\c 10000
While Creating expense invoice,
Expense|charge A\c 5000
To Liability A\c 5000
While Matching the prepayment with the expense invoice,
Expense|charge A\c DR 5000
To Liability A\c 5000
Liability A\c 5000
To prepayment A\c 5000.
NOTE:Here prepayment account still showing the balance of
5000,So we have to get back that remaining amount from the
employee.
1.Create one standard invoice to the supplier and match the
reaming amount to that standard invoice so the remaining
amount would be nullified in the prepayment account.
2.Pass a reverse invoice for the prepayment entry like
Liability a\c 5000
Prepayment a\c 5000.
| Is This Answer Correct ? | 7 Yes | 23 No |
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