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accounting treatment

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 August 2010 Business: Clearing & Forwarding agent
total receipts > Rs. 40,00,000
very low margin on receipts
comm. income ranging between 4 to 5 lacs
should i treat the diff between receipts and payments as commission ?
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
06 August 2010 You must specify...what are the items that are included in receipts & what are included in payments, then only a clear answer can be given.
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CMA. Subhash Kumar Jha

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CMA. Subhash Kumar Jha (Expert)
06 August 2010 You must specify...what are the items that are included in receipts & what are included in payments, then only a clear answer can be given.
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
06 August 2010

You are not engaged in any purchase or sales; you are engaged in service sector.


Hence; you may record only commission as your income.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2010 payments are made to the Shippers for booking space and receipts are related to the bill amt recd from the customers after deducting TDS...
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