05 July 2014
dear sir, pls help me how to prepare books of accounts of a transport contracter for the purpose of income tax.there are two situation,one is "TO BE BILLED" and second one is "TO PAY".
05 July 2014
Rohit what problem u r facing in this case? Its easy. "To Pay" means the consignee will pay the amount. And "To be billed" means that till date the bill for that transaction is not made and it will b billed after.
05 July 2014
IN "TO PAT" SYSTEM TRANSPORTER WILL PAY A PART OF AMOUNT AS A NAME CALLING FREIGHT ADVANCE IN BEHALF OF CONSIGNOR,AND THE BALANCE PAYMENT OF CHALLAN WILL BE PAID BY THE CONSIGNEE.THE PART OF THE AMOUNT WHICH IS PAID BY THE TRANSPORTER WILL BE REIMBURSED BY THE CONSIGNOR.SO IN TRANSPORTER BOOKS WHAT AMOUNT WILL BE ENTRY, AS A FULL AMOUNT OF A TRANSPORTING CHARGES "OR" AS A AMOUNT WHICH IS ACTUALLY PAID BY THE TRANSPORTER THAT IS FREIGHT ADVANCE. NOTE : BUT THE CHALLAN WAS ISSUED IN THE NAME OF TRANSPORTER.
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