RAJ KUMAR (FINANCE MANAGER) (1393 Points)
18 September 2012HELLO FRIENDS, MY CLIENT HAS A PETROL PUMP.
HE USES THE DIESEL FOR RUNNING AN GENERATOR FOR HIS PETROL PUMP.
HE PASSES THE ENTRY:
CASH A/C -500
TO SALES A/C -500
GENERATOR EXPENSES A/C -DR -500
TO CASH A/C - 500
WHETHER THIS TREATMENT IS CORRECT OR NOT.
PLS. HELP ME.
THANKS.
Arif Ali
(Apt Co Advisory)
(1230 Points)
Replied 18 September 2012
Entry should be as
Genereator exp. A/c Dr
To Purchase A/c
it shall be recorded at cost i.e purchsed price
if they does not at cost, then
Genrerator exp. A/c Dr. 500
To Sales A/c 500
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 18 September 2012
generally sales is registered on the bases of meter reading in the petrol pump.
because it is not mendatory for petrol pumps to issue bill for the all sales made
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 18 September 2012
petrol pump audit generally based on PG register maintained by dealer
mansi
(CA Final Student)
(60 Points)
Replied 19 September 2012
@ Rajkumar: Please give some details on how is the audit for petrol pump coz its a diff audit from the regular audit that we do i guess....
SUDAGAR.C
(Prop)
(119 Points)
Replied 19 September 2012
dear Raj kumar,
Based on metter reading only the sales is accounted in fuel station. the entry would have been
Cash A/c (For cash Sales)
Generator Maintenance A/c( for Own use)
Receivables ( for Credit sales)
To Sales a/c
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 20 September 2012
PG REGISTER MEANS PETROLEUM GOODS REGISTER OR DSR ( DAILY STOCK REGISTER )
Krishna Sarathi Pati, ACMA
(PVT JOB)
(93 Points)
Replied 13 August 2015
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