Expenses incurred from credit card of of proprietorship firm

This query is : Resolved

Daya (Querist)
Follow

28 November 2022 Expenses incurred from Credit card of proprietor how book expenses in tally ,
all personal expenses of proprietor whether should be booked in drawing or other expenses how booked.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

28 November 2022 If the expenses are incurred for personal use, it will be drawings from capital account.

Daya

Daya (Querist)
Follow

28 November 2022 sir ,
My another question is that from credit card statement of proprietor should be booked in tally each transaction of proprietor.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

28 November 2022 If the Credit card is used only for personal use, you can directly enter the credit card payment amount (usually, each month) being single entry as capital withdrawal.

CA Punit

CA Punit (Expert)
Follow

12 December 2022 Expenses Dr.
To Proprietor's Capital A/c.

You can group the expenses incurred on a particular day, depending upon how your proprietor wants :)