Sales
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2012
a transcation between a two indian companies and one foriegn company. foriegn company wants to buy some products from indian company (let indian company is X)foriegn company raised a purchases invoice on X but no goods are avalible right now with X company den X company asks some other company(let it be Y)to send goods directly to foriegn company i will pay u.assume foriegn company pays RS.100 and X company is getting Rs.100 from foriegn company and X company is paying 80 to Y company.In X books how Rs.20 will be treated?
29 June 2012
It looks to be his trading profit and thus he will show purhcase at 80 and sale at 100.
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 June 2012
x company will not get any goods den how can dey treat it as purchases and how they book as a sales?Y company directly sends goods to foreign company.
30 June 2012
It is possible to do high sea sales.ie selling without taking the delivery.
It is assumed that the foreign company is patying Rs 100 because he has received an invoice amounting to RS 100.
The entity must have procured it from third party at Rs 80 and thus an invoice of Rs 80 must have been raised.
Hence it is a tarding activity.
If the above is not true for the case, then it needs more inofrmation.
It is assumed that the foreign company is patying Rs 100 because he has received an invoice amounting to RS 100.
The entity must have procured it from third party at Rs 80 and thus an invoice of Rs 80 must have been raised.
Hence it is a tarding activity.
If the above is not true for the case, then it needs more inofrmation.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Annual return of gst limit
- U/s 44AD of Income tax
- LIC Annuity received under Jeevan Akshay Scheme
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
