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Journal Entry for perquisites

Balaji Chettiar

What would be the journal entry for rent free accommodation provided to employee in the books of employer?

Thanks.

Perquisite classification of rent free accommodation requires perquisite reporting, not a separate accounting journal entry. Rent free accommodation provided to an employee is classified as a perquisite and is managed through perquisite valuation, reporting, and payroll mechanisms rather than by recording a separate journal entry in the employer's books. (AI Summary)
Accounting - Auditing
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Nandan Khambete on Jul 3, 2019

It has to be added in Perquisite only. No entry in Books.

Balaji Chettiar on Jul 4, 2019

Thanks!!!

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