Travel agent accounting
This query is : Resolved
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???
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
Message likes :
1 times
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
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- 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
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
