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Querist : Anonymous

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Querist : Anonymous (Querist)
25 April 2013 In FY 2011-12 the company had done a project and received some commission from the Vendor. The Vendor received the amount from the customer.

In the commission received by the company there is Rs.3,20,000 included which is payable to customs.

In Financial year 2011-12 the company has not paid the customs duty. While finalising the accounts even that RS.3,20,000 has been recognised as income for the company.

Provision also not done for the amount payable to the customs.

But in FY 2012-13 the Company has paid that Rs.3,20,000 to customs through bank cheque.

But the receipt was issued in the Vendor name by the customs department.

While finalising the accounts for FY 2012-13 how to treat this amount and how to maintain in books of accounts?

Please help me

Thanks in advance
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
10 June 2013 You must have debited the bank and credited the customer while receiving the money and now you are debiting the bank and crediting the customer. Pass this entry
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