The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Approved Mileage Allowance ledger entries
Post Info TOPIC: Approved Mileage Allowance ledger entries
treskim


Member

Status: Offline
Posts: 10
Date:
Approved Mileage Allowance ledger entries
Permalink Closed

Can someone help please.  Having been roped in to do partners books as he has just started out, he uses a car - business and personal.  I decided to keep a mileage log and used the 49p per mile allowance.  My question is firstly, in recording in a general ledger - what would the two entries be (basic I know but i'm not a bookkeeper as such).  and secondly - would you record on a weekly/monthly basis in the ledger or could such an entry be done at the end of the year taking the information from the mileage record sheet. confuse  Many thanks for your time.



__________________
Wella


Expert

Status: Offline
Posts: 2256
Date:
Permalink Closed

I do my own at the end of the year in one go and debit motor expenses and credit capital introduced.

It is 45p/ mile for first 10K miles by the way not 49p, and you will not be able to claim any other expenses relating to that vehicle.

HTH

Bill



__________________

 

 
treskim


Member

Status: Offline
Posts: 10
Date:
Permalink Closed

Thanks Wella for your reply.   Just to clarify - the ledgers i have are

capital - bank - cash - sales - etc plus exp ledgers.  Is Capital Introduced a new ledger.  Also what are the entries at the end of the year with regards to profit and loss.  I know that exp. ledgers get balanced and then to the P&L - the same then for motor expenses I presume - but what about capital introduced.  Sorry for the silly questions but the only bookkeeping i have picked up has been on internet and very basic.  many thanks for your time.



__________________
Wella


Expert

Status: Offline
Posts: 2256
Date:
Permalink Closed

I break down the Capital a/c to Capital (retained from previous years) Capital Introduced (During current year), and Drawings a/c (for money withdrawn during current year), which are then moved to Capital at the end of the year.

If the accounts are prety basic, then you could just move things in and out of the Capital account. Yes Motor Exp is treated as any other expense



__________________

 

 
treskim


Member

Status: Offline
Posts: 10
Date:
Permalink Closed

Thanks Wella for your answer and your time.  Best wishes



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Approved Mileage Allowance ledger entries
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About