Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he return

Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the Accounting Entry?

Question Posted / mahesh

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Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the..

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

Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the..

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

Advance paid to Employee 1000$. Employee incurred expenses of 800$ and he returned 200$. What is the..

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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one employee went on site , we given to him 1000 through prepayment . but i final spends amount is 800, then what about remaining 200 , how can we refund to organisation. through debit memo or credit memo, or , prepayment or if any, please give me best solution , if any one know this question answer reply me this mail, nmallioracle@gmail.com

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