Cash on delivery
This query is : Resolved
06 June 2019
Dear Sir, one of my client is providing delivery service for E Commerce operator (Amazon) and Collecting Cash from Customer as transaction type is COD, Then depositing cash into his Current account and later transferring to e commerce operator, Now my query is how to treat that Cash Deposit and Transferring the amount to e commerce operator in accounting and GST.
Hope somebody will help regards my query.
Hope somebody will help regards my query.
07 June 2019
you are depositing cash into the current account of supplier. Then what is the problem?
07 June 2019
Mr.Mahesh,
The Probable Answer from my point of view is as under.
For Accounting: You shall pass journal entry like this,
1.Bank a/c Dr xx
To Cash a.c xx
2.Party a.c Dr xxx
To Bank a/c xxx
This way u can prepare accounts and pass journal entry of your client.
For GST: you have to evaluate only the income received of commission from Amazon, and need to pay GST (18%) on the amount of receipt.
Regards,
Ronak Darji.
The Probable Answer from my point of view is as under.
For Accounting: You shall pass journal entry like this,
1.Bank a/c Dr xx
To Cash a.c xx
2.Party a.c Dr xxx
To Bank a/c xxx
This way u can prepare accounts and pass journal entry of your client.
For GST: you have to evaluate only the income received of commission from Amazon, and need to pay GST (18%) on the amount of receipt.
Regards,
Ronak Darji.
07 June 2019
@Ronak
Client of Mahesh is acting as AGENT of Amazon.
The accounting entries are to be passed accordingly.
Client of Mahesh is acting as AGENT of Amazon.
The accounting entries are to be passed accordingly.
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