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A company paid Mr.R an advance payment of Rs 5000 as tour
allowance. After the tour R, submitted travel bill with a
expense of Rs3000. He return Rs 1000 and claimed to pay the
rest 1000 on a future date. Please pass the journal entries.
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Answer Posted / selvun
Advance for Traveling expenses A/c Dr 5000
To Cash/Bank Cr 5000
(While cash/cheque paid to Mr.R)
Traveling Expenses A/c Dr 3000
Cash A/c Dr 1000
Staff R's A/c Dr 1000
To Advance for traveling expenses A/c Cr 5000
(While the staff Mr.R submits bills on travel and remits the
balance money)
Note: At outset Rs.5000 should not be directly debited to
R's a/c. Instead it has to be accounted as per standard
accounting principle. Moreover the advance for expenses
such as traveling etc. should be kept with separate identity
and reconciled periodically. The uncleared advance for
Traveling expenses are to be clubbed in the advances and
loans head to appear in the Balance sheet. Every transaction
has to be distinguished by way of entering in books
to keep its original track.
| Is This Answer Correct ? | 10 Yes | 2 No |
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