Credit Card payment under which group

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When a company purchases goods and pays using a credit card, the accounting entry typically debits the Purchases account and credits the Credit Card account. The discussion clarifies that credit card accounts should be classified under 'Current Liabilities' in accounting. This ensures proper financial reporting and tracking of short-term obligations.

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(Querist)
07 April 2024 Abc Company purchased goods from Supplier A & Payment made by Credit Card.
Than will be entry
Dr. Purchase A/c
Cr. Credit Card

But My Question is Credit card which under group
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 April 2024 It's current liabilities.
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Yogendra Mishra

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Yogendra Mishra (Querist)
07 April 2024 Thank you very much sir🙏
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 April 2024 You are welcome..
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