Accounting Head for difference in freight?
This query is : Resolved
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
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
25 July 2011
Show on both eh sides of the P & L A/c under the head Shipping Charges
25 July 2011
Could you please tell me the journal entry for the same?
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