As you all know that the wallets like paytm Mobikwik freecharge provides cashback on bill payments at times.
Now Mr X is a individual earning professional income and pays his telephone bill for his office through freecharge. Now in the month of March he pays his entire bill of Rs 1144 through freecharge. Freecharge was running an offer and they credited a cashback of Rs 100. Now in April he pays his bill of Rs 1144, this time using Rs 1044 from his debit card and the Rs 100 cashback obtained last month.
What is the accounting implication for this cashback ? How much shall be charged to telephone expenses ?
Menu
Cashbacks
Replies (2)
Accounting treatment according to me -
Only actual expenses should be charged to telephone expenses, so
1. Telephone expenses Dr 1044
Freecharge credit. Dr. 100
To Bank 1144
2. Telephone expenses Dr. 1144
T
Only actual expenses should be charged to telephone expenses, so
1. Telephone expenses Dr 1044
Freecharge credit. Dr. 100
To Bank 1144
2. Telephone expenses Dr. 1144
T
2. Telephone expenses Dr 1144
To Bank 1044
To freecharge credit 100
simple
To Bank 1044
To freecharge credit 100
simple
Recent Threads
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
- Duplication of Interest on SCSS deposits in postof
- Declaration of foreign investment
- Parent buying property for major child
- LIC maturity amount filing missed
- Advice on income tax
- E filing thr net banking for AY2025-26
CAclubindia
