Clearing house agent - accounting - tds

A/c entries 1767 views 2 replies

AGNIHOTRAM RAM NARAYANA

JR EXECUTIVE

119 Points Joined January 2009

sir,

in cha (clearing house agent) we render services by paying different kinds of expenses like customs duty, freight charges, edi, scanning, fumigation charges on behalf of our clients and charge some amount of charges towards our services.

so, can u plesae explain me about how to account these things in clearing house agent books. (i.e., should all these expenses be treated as income alongwith services charges charged by the clearing house agent).

regards and thanks in advance,

ram narayana agnihotram

Replies (2)

Rajesh

Service

7576 Points Joined May 2008

You can account all them by maintaining different ledger account. The Income part of CHA agency is only the amount received against his services and also this amount is eligible for TDS .

Rajesh

AGNIHOTRAM RAM NARAYANA

JR EXECUTIVE

119 Points Joined January 2009

sir than q for your reply,

but my point is all these are reimbursible expenses so shall we have to account each under different heads like contra account. if so where it has tobe grouped is it under current assets a/c. and as far as tds is concerned client will deduct tds on entire amount is it correct. and what abt tds tobe deducted by us on freight charges etc.,

kindly give reply.

regards,

ram narayana agnihotram