Accounting of credit card transaction
This query is : Resolved
22 December 2011
Dear Friends ,
please help me on the following Situation regarding credit card sales accounting.....
Suppose there are 2 Shops.... A & B..... we are doing accounting of A.
A does not have credit card Swipe Machine.... But A has Control over B's Swipe Machine and B's Machine is at A's place.
So Credit Sales of both Shops are Swiped at B's machine.....after Swiping B pays Cash to A against Swiping and A pays to B after deducting credit card sales of A.
so please help me how should i do accounting of above transactions...i.e sales entries and transactions of receipt and payment from/to B.
Regards ,
Vivek.
please help me on the following Situation regarding credit card sales accounting.....
Suppose there are 2 Shops.... A & B..... we are doing accounting of A.
A does not have credit card Swipe Machine.... But A has Control over B's Swipe Machine and B's Machine is at A's place.
So Credit Sales of both Shops are Swiped at B's machine.....after Swiping B pays Cash to A against Swiping and A pays to B after deducting credit card sales of A.
so please help me how should i do accounting of above transactions...i.e sales entries and transactions of receipt and payment from/to B.
Regards ,
Vivek.
23 December 2011
You can transfer the sales of B to A on monthly basis maintaining the daily data in excel sheets.
Message likes :
1 times
23 December 2011
Dear Vivek,
Accounting in such case is not an issue, the sales of A swiped on B's machine should be shown as receivable from B and credited to sales account in books of A.
But, at the time of assessments it might be difficult to prove this round transaction. Hence it is advised that, if it is once in a while case, then its fine. but is not preferable on a long term basis.
Accounting in such case is not an issue, the sales of A swiped on B's machine should be shown as receivable from B and credited to sales account in books of A.
But, at the time of assessments it might be difficult to prove this round transaction. Hence it is advised that, if it is once in a while case, then its fine. but is not preferable on a long term basis.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- Gift of mutual fund units to daughter
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Annual return of gst limit
- Reporting of STCG on Property in ITR
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
