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Credit Card payment accounting

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2010 What can be the entry for credit card payment and how can it be adjusted in Bank reconcilliation statement.
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CA. NIRMAL SINGH

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CA. NIRMAL SINGH (Expert)
24 May 2010 ENTRY WILL BE:
BOOKING OF EXP.
EXPENSES A/C DR. XXX
TO CREDIT CARD A/C XXX

PAYMENT OF CR. CARD
CREDIT CARD A/CDR. XXX
TO BANK A/C XXX

AND IT WILL BE RECONCILED NORMALLY.
CREDIT CARD A/C SHOULD BE UNDER 'CURRENT LIAB.'

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