Hi,
i have a card swiping machine in my retail shop. now i required money to get stock so i have swiped my friend's credit card.
what is the accounting of swiping amount, is it unsecured loan or sale?
For swipe
Dr. Bank A/c
Dr. Bank Charges
Cr. Friend A/c (Current Liability)
- Assuming that he will be paid within 12 months
Rest purchase and payment entry to friend, as usual
CAclubindia
