Freight ouwards
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 April 2014
Can anybody tell me
IN PROFIT & LOSS A/C where will freight outwards will be come if we were receiving it from the party to whom we are selling goods.
and Whether freight inwards will be added to the cost of goods which we have purchased or it is separately shown in trading a/c.
IN PROFIT & LOSS A/C where will freight outwards will be come if we were receiving it from the party to whom we are selling goods.
and Whether freight inwards will be added to the cost of goods which we have purchased or it is separately shown in trading a/c.
17 April 2014
If we are paying freight outward and the same is reimbursed by the party, then it is not out expense, hence on making freight we will debit party's a/c. (not freight outward a/c.) and on reimbursement by party, party's a/c. will be credited.
Freight inward is to be separately shown in trading account.
If we are paying freight outward and the same is reimbursed by the party, then it is not out expense, hence on making freight we will debit party's a/c. (not freight outward a/c.) and on reimbursement by party, party's a/c. will be credited.
Freight inward is to be separately shown in trading account.
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 April 2014
Thank u sir
But can u tell me entry for this
plsssssssssss sir its a request
But can u tell me entry for this
plsssssssssss sir its a request
19 April 2014
Entries,
1.) On payment of freight outward on
behalf of party
Party A/c. Dr. XXX
To Cash / Bank Cr. XXX
(Narration : freight paid on behalf of party)
2.) On reimbursement of the same by party
Cash / Bank Dr. XXX
To Party XXX
(Narration : Freight reimbursed by party)
3.) On payment of freight inward
Freight inward (direct exp.)Dr. XXX
To Cash / Bank Cr. XXX
Regards,
Devanand
1.) On payment of freight outward on
behalf of party
Party A/c. Dr. XXX
To Cash / Bank Cr. XXX
(Narration : freight paid on behalf of party)
2.) On reimbursement of the same by party
Cash / Bank Dr. XXX
To Party XXX
(Narration : Freight reimbursed by party)
3.) On payment of freight inward
Freight inward (direct exp.)Dr. XXX
To Cash / Bank Cr. XXX
Regards,
Devanand
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