A company is getting commission from a manufacturing & Trading company for selling their goods in market.
But bills are in the name of Manufacturer or Trader whose goods are being sold.
So on what basis will the company getting commission account its transactions?
1)Company is not having any sales on its own name.
2)What will be audit evidence for auditors.
3)How will the company show its income for tax purpose.
4)What papers can be shown in case of Scrutiny.
Pls help me out!!!!
Hi all,
Please help me with a correct Journal Entry. Suppose, a Co. has a Development Fund and it wants to purchase some Fixed Asset utilising the said fund. It has a particular Bank A/c (say D.Fund Bank A/c) which represents the D.Fund Value. Now, I think-
Fixed Asset A/c is to be Debited & D.Fund Bank A/c is to be Credited (Current Asset is converting into Fixed Asset)
Again, Development Fund A/c is required to be Debited because of its utilisation (Fund gives Cr. Balance) then which A/c should be credited in this case under Double Entry System of Accounting.
Kindly reply
Thanks in advance
If a company gets a TDS certificate releated to previous year i.e. f.y. 2006-07, the income of that certificate not booked in f.y. 2006-07, can company booked the income in f.y. 2007-08 as prior period income and claim the tdS certificate, pl solve the query at most urgent.
What should be the treatment given to Bad Debts Reserve, when bad debts are more than the provision made against given in notes to the question of Cash flow statement ?
Hi All tell me the difference between net profit and consolidated net profit
What are the accounting requirement for an NGO to get registratation U/S-80G of I.T.Act?
if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %
if i issued a work order to a contractor labour+material both cost & i also pay him 5% Vat , 4.125% S.Tax extra on Contract amount can u suggest me what tax i have to deduct T.D.S or W.C.T what & what %
for what purpose capital reserve can be use?
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