i have a query that
suppose A supplies milling service to B worth Rs.100000
and in return as a consideration received rs.50000 in cash and Sacks of worth Rs.50000
how this transaction will b recorded ??
do A need to record such sacks as purchase or what ?
In my opinion
1. Party A/C DR. 100000
Service Income 100000
2. Cash A/C DR. 50000
Goods in Kind DR. 50000
Party A/C 100000
CAclubindia
