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Gross Receipts

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(Querist)
28 June 2011 My Client is doing business of Travel Agency. He is receiving Rs.10000/- from a party. He is using his credit card for booking tickets in the party’s Name with another Travel Agency and pays Rs.9500/- and admitting Rs 500/- as Gross Receipts in the books of accounts maintained by him. Under these circumstances the Gross Receipt is Rs.10000/- or Rs.500/- for the purpose of maintaining books of accounts.
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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)
28 June 2011 You see your client should pass the entry for purchase of picket and sale of ticket with the gross amount and not with the net amount.
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Pragnesh

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Pragnesh (Expert)
28 June 2011 Gross receipt @ Rs.10000/-
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