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Accounting entries for credit card transactions

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71 Points Posted on 10 June 2018
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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On 10 June 2018 at 17:14 Report
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senior acountant
223 Points Posted on 10 June 2018
it is drawing
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On 10 June 2018 at 17:34
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71 Points Posted on 10 June 2018
okay..and what about the loan and the entry for EMI
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On 10 June 2018 at 17:37
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senior acountant
223 Points Posted on 10 June 2018
it is personal loan?
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On 10 June 2018 at 17:41
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senior acountant
223 Points Posted on 10 June 2018
loan account Dr to bank account with full amount
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On 10 June 2018 at 17:44
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senior acountant
223 Points Posted on 10 June 2018
then interest on loan Dr to loan account with interest amount
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On 10 June 2018 at 17:45
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senior acountant
223 Points Posted on 10 June 2018
get the amount from bank I.e interest certificate
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On 10 June 2018 at 17:45
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71 Points Posted on 10 June 2018
yes it is a personal loan
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On 10 June 2018 at 17:47
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"Do the Right Thing...!!!"
128147 Points Posted on 10 June 2018
Are You define the Credit Card expenses...?
463 Reply
On 10 June 2018 at 19:15
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Accountant
3479 Points Posted on 10 June 2018
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)
9 Reply
On 10 June 2018 at 19:45
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71 Points Posted on 10 June 2018
thanks
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On 10 June 2018 at 20:56
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Accountant
3479 Points Posted on 10 June 2018
Please note, if personal loan taken for Business Purpose, don't treat drawings
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On 10 June 2018 at 21:01
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"Do the Right Thing...!!!"
128147 Points Posted on 10 June 2018
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...
463 Reply
On 10 June 2018 at 21:07
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85 Points Posted on 11 June 2018

Just give me ur number ill transfer to my CA, he will give u the answer or else send query at https://ca4you.in/

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On 11 June 2018 at 10:46
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"Do the Right Thing...!!!"
128147 Points Posted on 11 June 2018
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...?

463 Reply
On 11 June 2018 at 11:09


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