28 June 2011
My Client is doing business of Travel Agency. He is receiving Rs.10000/- from a party. He is using his credit card for booking tickets in the party’s Name with another Travel Agency and pays Rs.9500/- and admitting Rs 500/- as Gross Receipts in the books of accounts maintained by him. Under these circumstances the Gross Receipt is Rs.10000/- or Rs.500/- for the purpose of maintaining books of accounts.
CAclubindia
