Hi,
A colleague of mine is confused about journal vouchers. So i want a clear answer for journal voucher, in context of advance to an employee who has gone on field to make some expenses.
i have provided my answer to him, but he is not accepting it and want to confirm it.
e.g. An employee is provided with an advance of $500 via bank cheque to make expenses in field. And he spends it as follows:
$300 Equipment (Asset)
$200 Stationery
kindly answer with what entries to pass from start till the end and what vouchers will be prepared.
ACCA Forums
General ACCAJournal Voucher (advances)
the entires will be as follows
(1)Dr employee debt (advance) 500.00
Cr Cash Book 500.00
When employee is back from the field work with receipts
(2) Dr Asset 300.00
Dr Stationery expences 200.00
Cr Employees Debtors (advance) 500.00
thats how i account for these type of transactions
There are two Journal vouchers:
1). Dr. Staff advance account- 500$
Cr. Cash at Bank- 500$
2.) Dr. Equipment-300$
Dr. Stationary- 200$
Cr. Staff advance- 500$
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