Travel agent accounting
This query is : Resolved
Apoorva V M
(Querist)
01 February 2014
I am doing accounting of Travel agent company. They hire vehicles from thrid party.
The bill is like this
Invoice Amt - 10000
Less:Diesel - 4000
Total payable - 6000
Less: TDS (2%) - 200
Net Payable - 5800
They give diesel coupons of petrol bunks with whom they have contract, and later make payment to these petrol bunks at the month end.
Can someone please advice me on how to account this whole transaction???
The bill is like this
Invoice Amt - 10000
Less:Diesel - 4000
Total payable - 6000
Less: TDS (2%) - 200
Net Payable - 5800
They give diesel coupons of petrol bunks with whom they have contract, and later make payment to these petrol bunks at the month end.
Can someone please advice me on how to account this whole transaction???
CMA Ramesh Krishnan
(Expert)
02 February 2014
Total invoice amount can be show as revenue for the agent
Dr:Customer
Cr: Revenue
Diesel is the direct expenses for the agent, incase diesel taking for credit and paying after credit period then
Dr: Fuel expenses
Cr: Vendor
& Payment Dr: Vendor
Cr: Bank/cash
TDS is the receivable entry can be
Dr: TDS receivable
Cr: Customer account
Dr:Customer
Cr: Revenue
Diesel is the direct expenses for the agent, incase diesel taking for credit and paying after credit period then
Dr: Fuel expenses
Cr: Vendor
& Payment Dr: Vendor
Cr: Bank/cash
TDS is the receivable entry can be
Dr: TDS receivable
Cr: Customer account
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