How to account the camera rental expenses in our books

This query is : Resolved

Manjunath K (Querist)
Follow

10 July 2018 Dear All,

good evening,

we are doing camera rental business in bangalore. actually we will camera for daily rental as well as weekly rental.
for the same we will receive amount immediately in such case weather we have to account this transaction as sales or do i need to pass journal as rental income.

and also we will take some high end camera from other parties like studios & URD persons on rental basis.
the same equipment we will rent to our customer.
here we will pay the amount to URD & studio for rental charges .. how to account this transaction in our books ...should i treat this as purchase or Rental Expenses...and is TDS in applicable for this transaction please advise.

and what is the SAC code for Camera Rental services.

RAJA P M

RAJA P M (Expert)
Follow

10 July 2018 It's just rental transactions and It's not a Purchase...

**also we will take some high end camera from other parties like studios & URD persons on rental basis
===> You will book it as "Rent Paid on Camera" under Direct Expenses.
===> Yes... TDS applicable if You are under Tax Audit clause and the rental is exceeding the Basic limit...

RAJA P M

RAJA P M (Expert)
Follow

10 July 2018 ***such case weather we have to account this transaction as sales or do i need to pass journal as rental income.

===> You will book it as Rental Income...

Upgrade to CAclubindia Pro. Subscribe Now!

Manjunath K

Manjunath K (Querist)
Follow

11 July 2018 ******You will book it as Rental Income

in which section do we need to declare this income in GST