Just come across a Bank entry from December - payment to Fortnum & Mason and the Director/shareholder has written on the receipt 'gift for xx' who is another shareholder (although not involved in the day to day running of the company. Blatantly looks like a Christmas gift. Where should I allocate this?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I worked for a Company which had two directors. One of the many reasons they eventually fell out was due to the fact that director A bought director B a very expensive Christmas present. He then reclaimed the cost from the Company, so that it was ultimately shared between them both! (Director B was too embarrassed to object, but bore the grudge ever after.)
Where should I allocate this?
