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Petro surcharge waiver

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gaddala ramesh

166 Points Posted on 25 March 2023

in credit card statement showing transaction - petrol surcharge waiver of rs.10.20. pls explain how to make entry

Replies (2)

Quick Summary

This discussion explains how to record a petrol surcharge waiver of Rs. 10.20 shown on a credit card statement. The recommended accounting entry involves debiting your bank/credit card account for the actual amount paid, crediting the petrol expenses account for the incurred cost, and crediting a surcharge waiver account for the waived amount. This ensures accurate tracking of both expenses and savings.

Ayush

Executive

9990 Points Posted on 25 March 2023

If you are maintaining a record of your credit card transactions in your accounting books, you can record the petrol surcharge waiver of Rs. 10.20 in the following way:

Debit: Bank/Credit Card Account - the amount you actually paid for the petrol

Credit: Petrol Expenses Account - the amount of petrol expenses incurred

Credit: Surcharge Waiver Account - the amount of surcharge waiver received (Rs. 10.20 in this case)

This entry will help you accurately record the expenses incurred for petrol, as well as the waiver of surcharge, which will reduce the overall expense.