Credit card personal use
This query is : Resolved
24 September 2012
DEAR SIR,
PROPRIETOR USE CREDIT CARD AND TRANSACTION OF CREDIT CARD IS SHOPPING FOR HOUSE, DRESS FOR CHILDREN & PETROL EXP.
IN BOOKS SHOPPING & DRESS TRANSACTION.
HOW TO MAKE THIS ENTRY IN BOOKS..
WHICH HEAD WILL BE DEBIT.
PROPRIETOR USE CREDIT CARD AND TRANSACTION OF CREDIT CARD IS SHOPPING FOR HOUSE, DRESS FOR CHILDREN & PETROL EXP.
IN BOOKS SHOPPING & DRESS TRANSACTION.
HOW TO MAKE THIS ENTRY IN BOOKS..
WHICH HEAD WILL BE DEBIT.
CA Ayush Agarwal
(Expert)
24 September 2012
Since This is Personal Expenses, Then U Cant Show It Under Prop Books, Show It Under Personal Accounts.
Not Allowable Expenses.
Entry Will be in Books of Firm
Capital Account Account Dr. (Drawings Account)
to Bank/Cash (Payment of Mode to Credit Card)
Not Allowable Expenses.
Entry Will be in Books of Firm
Capital Account Account Dr. (Drawings Account)
to Bank/Cash (Payment of Mode to Credit Card)
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