Please tell me proper group of bank credit card, whether it id bank od a/c or anything else.
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| Originally posted by :Lalit Kumar Gupta | ||
| " | Please tell me proper group of bank credit card, whether it id bank od a/c or anything else. | " |
IF IT IS FOR PERSONAL TRANSACTIONS THEN NO CASE IT WILL BE SHOWN IN BOOKS OF ACCOUNTS OF ASSESSEE.
HOWEVER IF IT IS FOR BUSINESS PURPOSES THEN BANK OD IS THE RIGHT OPTION.
If it is personal credit card, advise you to draw a personal balance sheet also and show the outstanding as well as reflect the transactions you pay at least. Remember that AIR is there for credit card transaction of 2.00 lakhs. Even if you spend for an employer, you should maintain the personal balance sheet in Tally. It will help you later on for any Section 143(2) notice as you will not waste time with AO on such details he may have already received from Card Company.
As you are usually not paying any interest, do not classify it as a loan. Classify it as Sundry Creditors. If you use the revolving loan sharking type of credit, then classify it as unsecured OD.
Please tell me proper entry of import of service in tally.
| Originally posted by :Sahil | ||
| " | Thanks Shail, for short out my problem. Originally posted by :Lalit Kumar Gupta " Please tell me proper group of bank credit card, whether it id bank od a/c or anything else. " IF IT IS FOR PERSONAL TRANSACTIONS THEN NO CASE IT WILL BE SHOWN IN BOOKS OF ACCOUNTS OF ASSESSEE. HOWEVER IF IT IS FOR BUSINESS PURPOSES THEN BANK OD IS THE RIGHT OPTION. |
" |
What is the exact effect of credit card in balance sheet. The following details of credit card are as follows :
Total Purchase by Credit card Rs. 485000/-
Total Bank Charges Rs. 14800/-
Total Dues on 31/03/2013 Rs.43377/-
Please tell me about every entry and its group.
Bank OD is the best option to Shown in Balance sheet
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