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Credit Card


kamlesh (TAX consultant , )     11 March 2020

kamlesh
TAX consultant  
 3 likes  240 points

| My Other Post

Hi,

i have a card swiping machine in my retail shop. now i required money to get stock so i have swiped my friend's credit card.

what is the accounting of swiping amount, is it unsecured loan or sale?

avater

Deepak Gupta (CA Student)     12 March 2020

Deepak Gupta
CA Student 
 2352 likes  15438 points

View Profile | My Other Post

For swipe

Dr. Bank A/c
Dr. Bank Charges
Cr. Friend A/c (Current Liability)

- Assuming that he will be paid within 12 months

Rest purchase and payment entry to friend, as usual

avater

kamlesh (TAX consultant , )     12 March 2020

kamlesh
TAX consultant  
 3 likes  240 points

View Profile | My Other Post

It is any rules that we have to pay in 12 months?
 

 

 

And if i couldn't pay him in 12months so Receipt is considered as a sales. right?

 

 

 

 

 

 

 

thanks


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