COMMISSION INCOME OF LAST YEAR RECD IN THE C.Y.
This query is : Resolved
23 June 2010
SHOULD I BOOK THE COMMISSION INCOME RECD BY ME FOR EARLIER P.Y. IN THE C.Y. OR P.Y. ITSELF.THE CR. NOTE FOR COMMISSION ARE DATED FOR THE C.Y?SHOULD I REVISE THE SERVICE TAX RETURN SUBMITTED BY ME ON 25TH APRIL-IN THE RETURN SUBMITTED I HAV NOT TAKEN INTO ACCOUNT THE ADDITIONAL COMMISSION RECD AS I WAS NOT HAVING THE NOTICE OF THE SAME.
DARSHI
DARSHI
23 June 2010
Your question is not very clear. Income should be booked on the basis you are continuosly using i.e. due basis or cash basis. So check it with other entries you have passed and then use the same basis.
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23 June 2010
if your professional than follow cash basis or else due basis for recording income
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24 June 2010
As you are saying that you are following accrual basis of accounting. Then book the commission on the date it become due. If it relates to last year then there must be a provisonal entry for the same.
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