Credit card discount entry in books
This query is : Resolved
26 August 2015
Sir, we purchased some items for office from Bigbazar through credit card for Rs 8000/-. But when credit card statements comes, they have given discount of around Rs.700/- and we paid card payment of 7300/- through cheqe. Sir I am confused in doing entry of this discount. Please help me.
26 August 2015
When bought through credit card
Debit items/expenses (as the case may be) 8000
Credit Credit Card Company 8000
when payment is made to credit card company
Debit Credit Card Company 7300
Credit Bank 7300
Debit Discount 700
Credit item/expenses (as the case may be) 700
Debit items/expenses (as the case may be) 8000
Credit Credit Card Company 8000
when payment is made to credit card company
Debit Credit Card Company 7300
Credit Bank 7300
Debit Discount 700
Credit item/expenses (as the case may be) 700
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