income tax & VAT
This query is : Resolved
nilesh gupta
(Querist)
02 September 2008
if a cell phone company billed cellphone to its distributer Rs 1200/- plus VAT per unit and thereafter give subsidy of rs 500/- per unit and distributers sold the unit amounted to Rs 725/-
plz suggest accounting treatment of Subsidy of Rs 500/- in the books of Distributer.
plz suggest accounting treatment of Subsidy of Rs 500/- in the books of Distributer.
03 September 2008
The subsidy received is in the nature of discount and accordingly it is to be accounted for ie.
Suppliers A/c Dr
To Discount received A/c
Suppliers A/c Dr
To Discount received A/c
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