Accounting treatment
This query is : Resolved
31 January 2017
what will be the accounting entry for an Event Management Company which has charged its customer for the materials bought for the event+ the services provided by it? What will be taxable value?
31 January 2017
It depends whether the company always buys the materials to organize the event, or it provides from its own source.
31 January 2017
No, generally they don't buy. But for this particular event, they bought refreshments for a crowd of 120. It was a talk event organised on behalf of Career Launcher.
31 January 2017
As per ur reply this is a simple reimbursement expenses which u had done on behalf of ur client. So treat it as expense of the client. The entry should be like this.
(At the time of Expense) :-
Client Dr
To Bank
(At the time of receipt from the client) :-
Bank Dr
To Client
And regarding ur service invoice treat it as ur regular service income and charge Service Tax(if applicable). Remember not to charge any kind of tax on the reimbursement bill.
(At the time of Expense) :-
Client Dr
To Bank
(At the time of receipt from the client) :-
Bank Dr
To Client
And regarding ur service invoice treat it as ur regular service income and charge Service Tax(if applicable). Remember not to charge any kind of tax on the reimbursement bill.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Disallowance of Section 43B(h) to sez units
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
