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
CA Abhishek Rana
(Expert)
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
