04-08-2003, 03:09 AM
My question has two parts. The first one is a confirmity.
1.It is said that the credit card is issued by a bank through a credit card company.i.e the bank takes a credit from credit card company and give a loan in terms of that card.Bank is a debtor of credit card company and credit company is the creditor of the bank.
Tell me if my concept is correct?
If yes then
2.What a journal entry will the bank make? When we make a transaction with a credit card and when we give our credit card bill at the end of the month?
1.It is said that the credit card is issued by a bank through a credit card company.i.e the bank takes a credit from credit card company and give a loan in terms of that card.Bank is a debtor of credit card company and credit company is the creditor of the bank.
Tell me if my concept is correct?
If yes then
2.What a journal entry will the bank make? When we make a transaction with a credit card and when we give our credit card bill at the end of the month?
