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Co-operative society account

astik parihar (3 Points)

11 October 2019

carriage expenses

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5 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 11 October 2019

You query is not clear ,please elaborate .

CA Dhruva Kalamanji (Chartered Accountant ) (1996 Points)
Replied 11 October 2019

Carriage expense is an expense allowable under income tax act if it used for the purpose of the co op society

astik parihar (3 Points)
Replied 11 October 2019

Where to entry
trading account
profit and loss account
balance sheet

prasad Nilugal ( GST Practitioner & Accounts ) (14916 Points)
Replied 12 October 2019

Co-Op Society is Non profit organisation therefore you have to prepare Income & Expenditure A/c , instead of Trading & profit & loss (its for profit making business) . So prepare Income & expenditure A/c and Show Carriage expense on expenditure side .

J. E will be

Carriage Expense A/c Dr .

To Cash / Bank A/c CR

( Being carriage expense paid ) In you paid Cash Cr cash A/c otherwise Bank should be credited .