accounting entries

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2010 what will be the accounting entry when a payment is made to a hospital using credit card. ie in the books of hospital and also in the books of credit card co.

Nilesh Shah

Nilesh Shah (Expert)
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26 February 2010 Nilesh Shah Replies:

In the books of the hospital

Bank a/c will be debited & Professional fees will be credited.

In the books of the credit card company,
Payer's a/c will be debited & Bank a/c anc service charges a/c will both be credited

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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26 February 2010 In the books of hospital :
Bank A/c DR
To Prof.fees Cr
(naration from whom it is recd)
In the books of CC Co :
Dr Party's /customer's a/c
CR Bank a/c
(naration to whose bahalf it is paid)