Tally Entry
This query is : Resolved
11 March 2009
A reastaurant purchases cold drinks and is given incentive/discount by the supplier for 2 years. According to the deal a sum of amount 12,000 will be released in the first year and the othere sum of amount 12,000 will be released in the second year once the target is achieved. Please suggest entry for this transaction.
1.What would be the tally entry in the first year and 2nd year.
2.Is incentive/discount given by supplier considered as indirect income if not, then what it should be considered under.
3. Should it be considered as incentive received or discount received,while opening an ledger a/c.
1.What would be the tally entry in the first year and 2nd year.
2.Is incentive/discount given by supplier considered as indirect income if not, then what it should be considered under.
3. Should it be considered as incentive received or discount received,while opening an ledger a/c.
11 March 2009
1.Supplier A/c..........Dr (Incentive Amt)
To Incentive Received A/c.
To Incentive Received A/c.
13 March 2009
Please sir if u could clarify the above entry.
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.He is the person who is giving the incentive
and please let me know if this entry is a right one once an amount in cheque is received from the supplier incentive received.
To Incentive received.....
By bank a/c .........
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.He is the person who is giving the incentive
and please let me know if this entry is a right one once an amount in cheque is received from the supplier incentive received.
To Incentive received.....
By bank a/c .........
13 March 2009
Please sir if u could clarify the above entry.
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.The supplier is givng incentive so he is the giver.
and please let me know if this entry is a right one once an amount in cheque is received from the supplier(incentive received).
To Incentive received.....
By Bank a/c .........
Supplier comes under personal a/c.
according to the rule: debit the receiver and credit the giver.In this case how can the supplier be debited.The supplier is givng incentive so he is the giver.
and please let me know if this entry is a right one once an amount in cheque is received from the supplier(incentive received).
To Incentive received.....
By Bank a/c .........
13 March 2009
If the amt is received by cheque then your entry is correcy, however if the supplier has adjusted it in your account statement then pass that entry.
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
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Two seprate Invoice needed
- Internship/Academic shown in Salary Pay Slip of a Doctor
- 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
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
