What are the journal entries to be passed by a restaurant dealing in Swiggy and Zomato orders? How to pass entries for TDS and online charges?
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Quick Summary
This discussion explains the essential journal entries for restaurants managing orders through Swiggy and Zomato. It covers how to account for sales with GST, deduct online charges as expenses, and handle TDS and TCS upon payment receipt. The entries clarify the treatment of bank transactions, TDS, and GST TCS in relation to platform fees.
Normal sale entry with gst. Online charges will get expenses with Zomato. Then on receipt of payment Bank will be debited along with income tax TDS and gst tcs.