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Accounting entries for transport business

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Querist : Anonymous

Querist : Anonymous (Querist)

19 February 2012 My Client is Doing Business Of Transport. And Supplies Trucks By Hiring Through Brokers I Want To Know Accounting Entries To Make For Hired Trucks . Payment Of The Hired Trucks Is Made In Two Part As An Advance And As Balance Payment, What Entries To Make For Truck Hired Through Brokers And Payment Made To Truck Owners/Brokers.. It should account by crediting to Truck owners or to brokers - PAN USED IS OF TRUCK OWNERS.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

19 February 2012 It is better to first maintain a register having columns for CN, Date, COnsignor, Consignee, Broker's Name, Lorry No, Freight Charges payable @, Quantity, Total Freight Advance, Final Pmt, and Signature-1& Signature -2.
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In computer Accounting System you may open Lorrywise Accounts and can make entries of each transaction under the brokerwise groups.
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