04-09-2003, 10:44 PM
1. the Entry is correct, when ever there is an transaction, the credit card company becomes creditor and Bank - the debtor.
2.when we manke transaction,
Bank will debit the card holder,
and credit Credit card company
when Bank makes payment to Credit Card Company,
Bank will debit Credit Card company
credit cash/Bank.
subsequently when we pay,
bank will debit Cash/Bank
and credit card holder.
Muhammad Asif Masood
2.when we manke transaction,
Bank will debit the card holder,
and credit Credit card company
when Bank makes payment to Credit Card Company,
Bank will debit Credit Card company
credit cash/Bank.
subsequently when we pay,
bank will debit Cash/Bank
and credit card holder.
Muhammad Asif Masood