Forum

topBanner
First Previous - Page 1 of 1 - Next Last

Approved Mileage Allowance Payments and ledger entries

  • 6 posts
  • # 83313

Hi

Could someone please advise me on the following.  My partner is a self employed artist.  He has just started up and has roped me in to record his business income and expensesFrown. 

I keep a mileage record for him and use the Approved Mileage Allowance - £0.45/mile.   What I would like to know is how is this recorded on a general ledger.  What would be the two entries.  Any help would be really appreciated.  Many thanks.
Peasie
  • Member PM.Dip
  • Practice Licence
  • 481 posts
  • # 83314

Dr Motor expenses
Cr Capital introduced 
  • 6 posts
  • # 83315

Hi Peasie

Many thanks for your reply.  I did bookkeeping a VERY long time ago.  Just to clarify - In my ledger I have

capital
bank
cash
sales  etc.

and expenses ledger like stationery, prining. etc.

do i make a new ledger - Capital Introduced - or do i post it to the one I have - capital.

Many thanks
Peasie
  • Member PM.Dip
  • Practice Licence
  • 481 posts
  • # 83316

When using Sage I have
3000 Capital
3001 Capital introduced
3002 Drawings 
  • 6 posts
  • # 83333

Many thanks for your help Peasie.  Best wishes
First Previous - Page 1 of 1 - Next Last
bottomBanner
loading