Accounting of transportation business on to pay basis
This query is : Resolved
03 September 2012
the LR is on to pay basis and full amount is is received by the truck driver from the consignee and only some amount is received by transporter.what will be the accounting treatment in the books of transporter.
for eg.the to pay LR of Rs.20000/- and our client transporter is receiving Rs. 1000/- from the truck driver and truck driver is receiving Rs. 20000/- from the consignee.
Whether the turnover is Rs. 20000/- or Rs. 1000/- in the books of transporter.Pls clarify?
for eg.the to pay LR of Rs.20000/- and our client transporter is receiving Rs. 1000/- from the truck driver and truck driver is receiving Rs. 20000/- from the consignee.
Whether the turnover is Rs. 20000/- or Rs. 1000/- in the books of transporter.Pls clarify?
Guest
Guest
(Expert)
15 September 2012
The T/o shall be Rs. 20000/- because the driver is collecting fare on behalf of transporter.
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- Non filing of I T Returns
- UDIN ISSUE
- Salary from Qatar in Dollars in India
- Tax rate change regarding
- SALARY CAN BE CAPITALIZE
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
