Accounting for e-recharge currency. by telecom distributor
This query is : Resolved
06 January 2016
Situation.; distributor makes neft or rtgs on Telecom company. Eg. Neft. For rs 1,00,000 now company credits the mobile of distributor 1,04,500 ie 4.5% extra in this. 1.5% ie 1,500 is of distributor and 3% ie 3,000 goes to retailer. Now how the distributor has to account for purchase and sale and how to recognise profit ie at the time of purchase or sale? Give necessary. Accounting entries. Thanks benedict
07 January 2016
That 4500 you are saying like income to the distributor. On this he will be reducing whatever 3000 he is passing it on the retailer. So purchase will be for 100000, Sales will be for 104500. Commission will be 3000.
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