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Ltd expenses

  • Affiliate
  • 7 posts
  • # 114746

The situation is... there's one man ltd company, the director pays for some company expenses using his own money. What is the action now? How to connect this expenses with company and how director can get the money back. I will be very grateful if someone could help me.

  • Student
  • 1 post
  • # 114747

Anya said:

“The situation is... there's one man ltd company, the director pays for some company expenses using his own money. What is the action now? How to connect this expenses with company and how director can get the money back. I will be very grateful if someone could help me.”

 Anja,

consider these expenses from the cash account

let's say

the director takes out of business account 100£

Cash Acc              Dr              Cr

                           100

-------------------------------------

Bank                    Dr              Cr

                                             100

---------------------------------------

now the director pays for some expenses( 50£ tools & equipment)

Tools &  Equipment                     Dr               Cr

                                                  50

---------------------------------------

Cash Acc                Dr             Cr

                                              50

--------------------------------------

 

it depends what type of expense it is, make sure u debit and credit the correct accounts and have a receipt

 

antohi.engineering@gmail.com

  • 1 post
  • # 114749

Anya said:

“The situation is... there's one man ltd company, the director pays for some company expenses using his own money. What is the action now? How to connect this expenses with company and how director can get the money back. I will be very grateful if someone could help me.”

 how far as i know, just take all expenses receipts from director and wright him cheque of his expenses, this way he can claim his expenses.

  • Affiliate
  • 7 posts
  • # 114770

Thank you all for help :) 

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