Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the Accounting Entry?
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Answer / saurabh parwal
1) AP Prepayment
Advance Dr. 1000
Liability Cr. 1000
Liabilty Dr. 1000
Bank Cr. 1000
2) AP Invoice:
Expense Dr. 800
Liability Cr. 800
3) AP Prepayment to Invoice application
Liability Dr. 800
Advance Cr. 800
4) AP Dummy Invoice
Clearing Account Dr. 200
Liability Cr. 200
5) AP Prepayment Application (to close the original prepayment)
Liability Account Dr. 200
Advance Account Cr. 200
6) AP credit memo
Liability Dr. 200
Clearing Account Cr. 200
7) AP Refund
Bank Dr. 200
Liability 200
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / raman
Prepayment/Advance Dr. 1000
Liability 1000
Liabilty Dr. 1000
Bank 1000
Expense Dr. 800
Liability 800
Liabilty Dr. 800
Prepayment/Advance 800
Prepare a credit memo
Liability Dr. 200
Prepayment/Advance 200
Bank Dr. 200
Liability 200
| Is This Answer Correct ? | 2 Yes | 4 No |
Answer / prasad sawant
Dr prepayment 1000
Cr Cash 1000
Dr expense 800
Cr prepayment 800
Dr recievable 200
Cr prepayment 200
| Is This Answer Correct ? | 0 Yes | 4 No |
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