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?.
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?.
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.
SSGS and Associates
Chennai
CA Inter
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Shyam Joshi & Associates
Pune
B.Com
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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O P Bagla & Co LLP
New Delhi
CA Inter
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CAclubindia
