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?
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
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
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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