hi all,
My question is :
A management company which provides trainning programmes to the corporates.For which it raise Invoices and collect the payments.
They raise the invoice to one of its client for 1lakh but as aa token of appreciation their client paid 1lakh 15thousand. hoe to deal it in accounts. and also how it will be treated in auditing .
You may consider the total amount of Rs 115000/- as income and account in books against particular invoice. Alternatively , Rs 15000/- can be considered as Miscelleneous income in books.
We have to book 1 Lakh against the invoice. And remaining amount will be treated in the other income.
thank you friends
Abic and Mani Chartered Accountants
Kottayam
B.Com
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CCI
Pro
CAclubindia
