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Credit card reimbursement related !!!!

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(Querist)
19 April 2014 Dear Experts,
One of my friend purchased a Mobile phone, i paid for his mobile phone by my credit card.. so my friend pays me back by cash/bank some amount as mutually decided..i want to know the Accounting treatment and Tax implication???

Urgent..pls help

Thank You.
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Piyush Bothra

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Piyush Bothra (Expert)
20 April 2014 To be treated as loan to friend. Contact for more assistance. Bothra_piyush@yahoo.com
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
21 April 2014 You can treat the expenditure as a Unsecured Loan.
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