Accounting for Commission
This query is : Resolved
Pranav Vyas
(Querist)
19 July 2008
A company is getting commission from a manufacturing & Trading company for selling their goods in market.
But bills are in the name of Manufacturer or Trader whose goods are being sold.
So on what basis will the company getting commission account its transactions?
1)Company is not having any sales on its own name.
2)What will be audit evidence for auditors.
3)How will the company show its income for tax purpose.
4)What papers can be shown in case of Scrutiny.
Pls help me out!!!!
But bills are in the name of Manufacturer or Trader whose goods are being sold.
So on what basis will the company getting commission account its transactions?
1)Company is not having any sales on its own name.
2)What will be audit evidence for auditors.
3)How will the company show its income for tax purpose.
4)What papers can be shown in case of Scrutiny.
Pls help me out!!!!
S.Srinivasaraghavan
(Expert)
19 July 2008
1. It does n't matter if the company has no sales on its own
2. The agency agreement or letter of agency appointment
3. Commission on sales agency.
4. The copy of agreement or letter of appointment, payment advice.
2. The agency agreement or letter of agency appointment
3. Commission on sales agency.
4. The copy of agreement or letter of appointment, payment advice.
Pranav Vyas
(Querist)
20 July 2008
What if there is no written agency agreement as such. It is just through words of mouth.
Pranav Vyas
(Querist)
20 July 2008
What if there is no written agency agreement as such. It is just through words of mouth.
Taranjit Singh
(Expert)
04 October 2009
Hello, is this an old query still pending?????? plz send me a PM if yes.....
Taranjit Singh
(Expert)
04 October 2009
Hello, is this an old query still pending?????? plz send me a PM if yes.....
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