Account Entry for Transportation
This query is : Open
23 August 2009
I am a broker between manufacturer & buyer for certain restricted item, wherein the transportation cost is to be borne by me but the Invoice is raised in the name of the Consignee. The transportation charges are payable in CASH only.
Niether the manufacturer, buyer or transporter is ready to enter into a written agreement of any sort.
The commission is paid by the manufacturer through a/c payee cheque.
How should i record transportation cost in my books?
Niether the manufacturer, buyer or transporter is ready to enter into a written agreement of any sort.
The commission is paid by the manufacturer through a/c payee cheque.
How should i record transportation cost in my books?
24 August 2009
Since the transportation cost is borne by you, it needs to be hit to your P/L A/c as an expenses. Entry passed will be:
TRansporation Chgs A/c... Dr
To Cash A/c
TRansporation Chgs A/c... Dr
To Cash A/c
24 August 2009
As u have mentioned, the invoice (Transportation Charges Invoice, i believe) is raised on consignee's name, u cannot claim the same as ur expenditure.
Therefore, its better to ask the transporter to issue invoice on ur name so that u can properly book that expenditure as urs by passing the entry suggested by Mr Agarwal
Therefore, its better to ask the transporter to issue invoice on ur name so that u can properly book that expenditure as urs by passing the entry suggested by Mr Agarwal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- SFT Cash Deposit in Current Account
- Copyright software
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
