what accounting entry one has to pass in case of payment made my credit cards of directors or manager or by office personnel on behalf of company or firm for eg. to flipkart or amazon?.
Menu
Payment through credit card
Replies (1)
It's always better to use a separate card for business purposes because in scrutiny how will you prove the difference between personal & official provided the ITO did not disallow. Such things happened in my career.
Expenses a.c Dr
Credit Card Payable Cr
at the time of Payment
Credit Card Payable Dr
Bank a/c Cr.
If you are operating more than one card viz., HDFC,ICICI to differentiate you may open as follows
HDFC Card Payable & ICICI Payable so that easy to tgrack.
Recent Threads
- ITR Offline JSON Utility not showing saved drafts
- Incometax port8 not working
- U4gm-Leveling an Amazon Build with Lightning Spear
- 44ADA income declaration
- Taxation of RSU sold of foreign listed entity by e
- Form26QB in case of death of joint owner (seller)
- Exemption of allowance
- Hardship compensation recd from builder (redevelop
- ITC CLAIM REGARDING EXPENSES
- Section 54 exmeption on under construction propert
Related Threads
CAclubindia
