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?
Menu
Credit Card
Replies (2)
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
Recent Threads
- Query of Goodwill
- Remuneration to Partners
- Request For Dhirajlal Rambhia
- Tds deduction queery
- Check ITR1 on income tax Form ITR1 Instead of 1 ho
- Form 121 requirement
- Interest on reversal of ITC when ITC balance avail
- Is MirrorFly an Instant Messaging Software?
- ITR filling for legal heir
- How Can I qualify CA Final Exam?
Related Threads
CAclubindia
