Deposit
This query is : Resolved
29 May 2014
Dear Team,
I am working in a leading Private Company
We have two types of Dealership Deposit
1) Refundable
2) Non Refundable
For Rs.10,000/- Deposit we are providing Android Technology Instrument charging Rs.5000/-Non Refundable and Balance Rs.5,000/- on conditional Basis that they have to pruchase the product value Rs.15,000/- so that Rs.5,000/- will be refundable.
TIME Limitation is 1 Year for Purchase
How can we treat in Accounting entries where to group this deposit and tax implications.
Regards,
Sankara Narayanan
Sankaranarayanan@hotmail.com
I am working in a leading Private Company
We have two types of Dealership Deposit
1) Refundable
2) Non Refundable
For Rs.10,000/- Deposit we are providing Android Technology Instrument charging Rs.5000/-Non Refundable and Balance Rs.5,000/- on conditional Basis that they have to pruchase the product value Rs.15,000/- so that Rs.5,000/- will be refundable.
TIME Limitation is 1 Year for Purchase
How can we treat in Accounting entries where to group this deposit and tax implications.
Regards,
Sankara Narayanan
Sankaranarayanan@hotmail.com
29 May 2014
r/sir
you are not mention the time in which they purchase then you make refund of rs. 5000/-
you can calculation of amount refundable or not refundable at the end of year on the basis of period in which they calim refund.
when you receive the security then you make entry in ledger name as
Security refundable/received from Dealer a/c
you are not mention the time in which they purchase then you make refund of rs. 5000/-
you can calculation of amount refundable or not refundable at the end of year on the basis of period in which they calim refund.
when you receive the security then you make entry in ledger name as
Security refundable/received from Dealer a/c
29 May 2014
There is no time limitation for Purchase only concern is how to treat for accountability where i have to group in accounts
29 May 2014
you can show in current liability side.
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