treatment of receipt
This query is : Resolved
10 June 2009
Sir,
One of my client is a Dental Doctor.He is entrusting the ceramic works to outside agency.He collects the charges for ceramics works from patients and make payments to the agency.
The query is how to treat the receipts and payments to these agency.
1. whether to treat the receipts as income and payments as expenditure; or
2. Is it correct to treat the receipts as receipt towards payment these agency ( not treating as income )?
Kindly clarify
One of my client is a Dental Doctor.He is entrusting the ceramic works to outside agency.He collects the charges for ceramics works from patients and make payments to the agency.
The query is how to treat the receipts and payments to these agency.
1. whether to treat the receipts as income and payments as expenditure; or
2. Is it correct to treat the receipts as receipt towards payment these agency ( not treating as income )?
Kindly clarify
10 June 2009
Just prepared receipt & payment account for the transactions, if there is surplus add this to taxable income.
You don't need to take the full transactions in the profit & loss account of income & expenditure account.
You don't need to take the full transactions in the profit & loss account of income & expenditure account.
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