Accounting Head for difference in freight?

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Jitendra (Querist)
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25 July 2011 Dear Sir,

Kindly let me know under which head we should book difference between freight we have charged to buyer and shipping forwarder charged to me.

Suppose: We issue C & F Invoice for USD 500 ( inclusive freight USD 100), shipping forwarder raised bill for USD 90 for the same shipment.

So please tell me under which head should I book difference in freight USD 10.00. I have booked this amount under the head “discount received” under the group indirect income. Is it correct? If not please tell me proper head for the difference amount.

Thanks & Regards
Jitendra

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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25 July 2011 Show on both eh sides of the P & L A/c under the head Shipping Charges

Jitendra

Jitendra (Querist)
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25 July 2011 Could you please tell me the journal entry for the same?

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