Accounting treatment for foc sales
This query is : Resolved
24 May 2012
please anyone help me that how to pass accounting entry for free of cost goods sales.
Actually, we are selling free product as per sales scheme(FOC) like buy one get one free.
please tell me if any rule for this treatment.
Thanks
Actually, we are selling free product as per sales scheme(FOC) like buy one get one free.
please tell me if any rule for this treatment.
Thanks
24 May 2012
In buy one get one free schemes, the sale price per unit gets reduced to half.
If the invoice says Qty 2 price 100, then book each sale @ 50.
If the invoice says Qty 2 price 100, then book each sale @ 50.
Soumitra Basu
(Expert)
25 May 2012
You need not make any acccounting entry for free goods. Only reduce the quantity at stock register. Please note that Input Vat has to be reversed for this purpose.
23 December 2012
hi
pls anyone advise me accounting treatment on given below matter:-
we hv paid advanced customs duty worth rs. 3.55 lacs in the m/o nov 12 as DD given to CHA in advance.
now in dec month CHA has returned DD for said amt. to us on account of rule change in customs, now duty will be pay online and we deposited DD in bank and got same amt. back.
then our CHA has paid customs duty worth rs. 3.59 lacs on our behalf and raised debit note for same amt. to us. in dec month.
pls anyone advise me accounting treatment on given below matter:-
we hv paid advanced customs duty worth rs. 3.55 lacs in the m/o nov 12 as DD given to CHA in advance.
now in dec month CHA has returned DD for said amt. to us on account of rule change in customs, now duty will be pay online and we deposited DD in bank and got same amt. back.
then our CHA has paid customs duty worth rs. 3.59 lacs on our behalf and raised debit note for same amt. to us. in dec month.
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