Accounting of transportation business on to pay basis
This query is : Resolved
PRAKASH CHORDIA
(Querist)
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.
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