Gross Receipts
This query is : Resolved
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.
28 June 2011
You see your client should pass the entry for purchase of picket and sale of ticket with the gross amount and not with the net amount.
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