Credit card reimbursement related !!!!
This query is : Resolved
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.
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.
20 April 2014
To be treated as loan to friend. Contact for more assistance. Bothra_piyush@yahoo.com
21 April 2014
You can treat the expenditure as a Unsecured Loan.
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