Mobile recharge business accounting entries
Chirag Shah (Personal) (30 Points)
28 January 2016Chirag Shah (Personal) (30 Points)
28 January 2016
Nair Vijayalakshmi Vijayan
(CA Internship Completed)
(46 Points)
Replied 28 January 2016
Hai,
I think the entries in Tally will be as mentionied below -
In Payment Voucher
Recharge Card (Under Asset) A/c Dr 5000
To Cash A/c 5000
(When cash is paid to the dealer or if its credit purchase then instead of cash post it under Sundry Creditor)
In Recipt Voucher
Cash A/c Dr 5000
Commission Received A/c (Under Indirect Income) Dr 125
To Bank A/c 5125
(When amount is credited to bank along with your commission)
Note - You can also post cash and bank entries in Contra Voucher in Tally.
PRADEEP PAL
(ACCOUNTANT & TAXATION CONSULTANT)
(73 Points)
Replied 09 March 2016
PURCHASE A/C. | DR. | 5000 | ||||
Quantity | Rate | Amount | ||||
5125 | 0.98 | 5000 | ||||
CASH | CR | 5000 |
PRADEEP PAL
(ACCOUNTANT & TAXATION CONSULTANT)
(73 Points)
Replied 09 March 2016
you have to maintain accounts with inventory
Jitendra Joshi
(CMA)
(65 Points)
Replied 17 March 2016
Following Accounting entries should be passed:-
1)- While purchasing balance-
Recharge Balance - Airtel(Suppose the balance is with Airtel) A/c- Dr Rs.5125
To Cash A/c Rs.5000
To Commission Received A/c Rs.125
2)- While Doing the recharge of customer
Cash A/c Dr Rs.5125
To Recharge Balance - Airtel(Suppose the balance is with Airtel) A/c Rs.5125
Arjun Vadde
(Job)
(31 Points)
Replied 15 May 2016
Purchase a/c Dr Rs. 5125
To comission recieved ( @ 2.5%.) a/c.Rs.125
To cash a/c . Rs. 5000
Mukesh Kumar Gupta
(Article)
(38 Points)
Replied 19 September 2016
Dear Sir,
i am authorised distributor of Tata Teleservices Ltd.
soppose I have paid to Tata tele services Ltd
Rs.200000/-then i entry passed
tata teleservices Ltd A/c Dr.200000/-
To Bank 200000/-
tata tele services given me Rs.210000/-
Mobile Rechage balance that means Rs.10000/-
tata teleservices TDS dedcuted on Rs.10000/- @ 10%
how to pass entry in tally.
My opinion is
Purchases A/C Dr.209000
TDS A/c Dr. 1000
To Tata teleservices Ltd. 200000
To Commission recd. 10000/-
Mohit Verma
(-)
(59 Points)
Replied 07 November 2016
Jitendra Joshi
(CMA)
(65 Points)
Replied 07 November 2016
Recharge Balance - Airtel A/c will be an Asset Account
Commission Received Account will be Income Account
Mohit Verma
(-)
(59 Points)
Replied 13 November 2016
But sir it is an item that we deal buy n sell and its effect should be seen in P&L A/c. And if we assume it as asset it shows in balance sheet. I had done it in a new way. I assume it as a stock item with quantity feature making to No. By doing this its effect can be seen in Trdng. & P/L A/c.
Jitendra Joshi
(CMA)
(65 Points)
Replied 13 November 2016
Problem in treating all Recharges as sales is that the Sales turnover will be huge. Your client may come under Tax audit also if he is having a mediocre recharge shop also. Practically Recharge amounts are not sale for him, sale volume is the commission amount that he is getting.
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