Audit QnA [Resolved] - Page No 601

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Yogendra Jain

This Query has 3 replies

03 July 2007 at 01:35

Audit Books

Respected Sir,

Please tell me Hindi Books for Auditing & AS

Vinita

This Query has 1 replies

22 June 2007 at 22:40

accounting for freight forwarders

Hello,

Our client is in business of freight forwarding and is registered with IATA/FIATA for air freight and with DGFT for sea frieght. They have a well connected worldwide network and an excellent relationship with major international airlines and shipping lines which enables them to provide a host of services to clients:

Export consolidation air and sea
Pre-shipping documentation
Inland transportation
Custom clearance
Post-shipping documentation
Port/Airport to door delivery
Pre-import consultancy to new projects and approvals
Inland transportation
Custom clearance
Consolidation air/sea
Port/Airport to door delivery

Our query was re: accounting of revenue by freight forwarders. Should the P/L a/c reflect the turnover gross of freight, local airport/port charges, transport charges charged by the company to its clients? Or should we only reflect only their service charges and profit made on recoveries of freight/local transport etc.

Kindly advise w.r.t AS-9 and the usual practice followed in India.