Hii,
Can anyone help me with the accounting entry required to be passed for credit card transactions.
Also, how do I account for loan taken on credit card and also the tax implications if any with respect to the same.
Thanks!
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Accounting entries for credit card transactions
Replies (18)
it is drawing
okay..and what about the loan and the entry for EMI
it is personal loan?
loan account Dr to bank account with full amount
then interest on loan Dr to loan account with interest amount
get the amount from bank I.e interest certificate
yes it is a personal loan
Are You define the Credit Card expenses...?
Entry at a time of loan received
Dr. Bank A/c
Cr. Loan A/c
Entry at a time of repayment of loan thru. Credit Card
Dr. Loan A/c
Dr. Interest on Loan A/c
Cr. Credit Card (For example Citibank Credit Card)
Dr. Bank A/c
Cr. Loan A/c
Entry at a time of repayment of loan thru. Credit Card
Dr. Loan A/c
Dr. Interest on Loan A/c
Cr. Credit Card (For example Citibank Credit Card)
thanks
Please note, if personal loan taken for Business Purpose, don't treat drawings
No need any special treatment...
If You Define the Expenses and It's nature in the Credit Card then You can account the Transaction as per Your books with its nature...
If You Define the Expenses and It's nature in the Credit Card then You can account the Transaction as per Your books with its nature...
Just give me ur number ill transfer to my CA, he will give u the answer or else send query at https://ca4you.in/
| Originally posted by : Mahesh Kumar | ||
 |
Just give me ur number ill transfer to my CA, he will give u the answer or else send query at https://ca4you.in/ |  |
Mr. Mahesh Kumar.,
Is it free site or Consulting...?
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