Purchases Entry
This query is : Resolved
28 May 2008
I am purchasing something goods from Party A and paying by credit card. And after some time pay the credit card Bill.
The entry will be
Purchases : purchase Ac dr
credit card ac
Payment Credit card ac dr
to bank ac
Is the above entry correct?
If yes then what about the Party A ? whether we have to pass any entry relating to Party A. If yes then what ?
The entry will be
Purchases : purchase Ac dr
credit card ac
Payment Credit card ac dr
to bank ac
Is the above entry correct?
If yes then what about the Party A ? whether we have to pass any entry relating to Party A. If yes then what ?
28 May 2008
Hi Shaikh...
Party A a/c is not required as it almost similar to cash purchases as u r paying immediately by credit card..
If u still want to pass entry..
Purchase a/c Dr
To Party A a/c
Party A a/c DR
To credit card a/c
Credit card a/c DR
To Bank a/c
Party A a/c is not required as it almost similar to cash purchases as u r paying immediately by credit card..
If u still want to pass entry..
Purchase a/c Dr
To Party A a/c
Party A a/c DR
To credit card a/c
Credit card a/c DR
To Bank a/c
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