Regarding credit card

Parag Muthal (Salaried Employee) (102 Points)

25 March 2016

Dear Sir, I have query against credit card comes in which head

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4 Replies

CMA Poornima Madhava (CMA) (13112 Points)
Replied 25 March 2016

Your question is unclear. Do you mean payment by credit card to be accounted under which head? Or something else?

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Parag Muthal (Salaried Employee) (102 Points)
Replied 26 March 2016

it is like this

Electricity Charges : Indirect Expenses

Wages : Direct Expenses

Cash Credit : Bank Overdraft Account

Sundry Creditor : Current Liabilities

as like this "Credit Card comes in which group or head

CMA Poornima Madhava (CMA) (13112 Points)
Replied 26 March 2016

Under current liabilities

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Shreeniwas Belawadi (Audit Assistant) (22 Points)
Replied 29 March 2016

Pls clarify,

Credit card in the name of Person, then it is grouped under captial..

Credit card in the name of Company/ firm then it is grouped under Curr liablilties. is it right guys?

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