LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Purchased laptop and other electronics items for my business on my personal credit card in the USA

Rajah (Namesake Director) (67 Points)

07 February 2024

How do I account them? I am a partner in a private limited company. Thank you for any help or feedback you may be able to provide!

Reply
Follow
Share

8 Replies

sabyasachi mukherjee (26067 Points)
Replied 07 February 2024

Pls post details

Yasaswi Gomes new (Finance ) (4477 Points)
Replied 07 February 2024

do the translations and I believe you dont have accruals to deal with translation gains or losses. recognize them asap

prasad Nilugal ( GST Practitioner & Accounts ) (14167 Points)
Replied 07 February 2024

I hope you are one of the Director of the company . you can pass entry in the Companies books as follows.

Laptop A/c Dr ( Asset)
To Rajah ( Director ) A/c Cr
( Laptop purchase for Company paid by Rajah)

Show Rajah A/c under Sundry Creditors, liability
side Balance sheet.

Latter on Company will pay back to Rajah

Rajah A/c ( Director ) Dr
To Bank A/c Cr
( payment made to Rajah)

Similarly you Can pass entry for Electronics Items also.If you paid any taxes then you have Debit those taxes in above first entry

1 Like

RAJA P M ("Do the Right Thing...!!!") (127171 Points)
Replied 07 February 2024

@ Mr Rajah,

As per Your query You purchased laptop and paid through Your Credit card. Right...??!

Can You give details of purchase...??
Is that bill raised to Which name...? Your name or Company name...??

prasad Nilugal ( GST Practitioner & Accounts ) (14167 Points)
Replied 07 February 2024

Yes , agree with above reply bill should be in the Company name in order paas I suggested entries as above in the Companies books .

1 Like

Yasaswi Gomes new (Finance ) (4477 Points)
Replied 07 February 2024

Originally posted by : Yasaswi Gomes new
	do the translations and I believe you dont have accruals to deal with translation gains or losses. recognize them asap

I was joking for just once. Since your.a novise recognise translation losses and gains. If you listen to others your auditor will correct you. They try to show off they know better than reporting. It's nothing but do the translations gains and losses or else give me. Cnditions of your credit card with international purchases. Travel card is best.