can amount in patym wallet be shown under bank account in balance sheet??
how to account for cash-back in patym??
pls guide.
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PATYM WALLET ACCOUNTING
Replies (6)
You can show it under Current Asset head as "Cash / Cash Equivalent".
go with raja answer
how to account for cash-back amount received on account of money transfer and expenses
Treat cashback amount as indirect income
When cash back received pass following entry:
Dr. PaytmWallet A/c - Under Current Assests
Cr. Cashback recd - Under Indirect Income
or
For example if you cash back received for electricity payment
Dr. PaytmWallet
Cr. Electricity Expenses
When cash back received pass following entry:
Dr. PaytmWallet A/c - Under Current Assests
Cr. Cashback recd - Under Indirect Income
or
For example if you cash back received for electricity payment
Dr. PaytmWallet
Cr. Electricity Expenses
agree with above
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