WE PROVIDE MAINTENANCE SERVICE TO OTHER CLIENT THAT SERVICE CHARGE RS.500 HOW TO MAKE FOR ENTRY FOR THAT INVOICE AND WHICH UNDER HEAD GO TO IN ACCOUTING LIST ALSO FOR MANPOWER SUPPLY ENTRY
5 Replies
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 09 January 2022
What kind of warranty is it?
Assurance type or service type?
Do you do you get commission or salary?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 09 January 2022
It all depends upon the contract and performance obligations. If out of warranty, and this guy is a mechanic shop company
By bank 500
To Revenue 500
And
Salary a/c 100
To employees a/c 100
Like this transactions differ
buddharaj bharati
(accountant )
(36 Points)
Replied 09 January 2022
THIS IS A MAINTENANCE SERVICE FOR SWIMMING POOL WARRANTY TYPE AND WE TAKE SERVICE CHARGE FOR CLIENT @ RS 500 AND ALSO HOW TO MAKE ENTRY FOR DAMAGE GOODS???
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 09 January 2022
Since this is warranty of cash back in case of no satisfaction, check if you have created a provision.
A sale will be recognised first
Bank / debtor a/c 500
To Sales a/c 500
then if you created an annual provision based on the past expectations for 10000 rs
Warranty expense a/c
To Warranty provision a/c
the company has to pay you service charges to mechanic/cleaner, so in the books of company
Commission a/c
To Mechanic a/c
If you want to separately allocate every sale a provision for warranty then consider that revenue cannot be recognised in case of AS standard. example, you will return the 500 back if no satisfaction then,
Bank a/c 500
Warranty expense a/c 500
To Warranty provision a/c 500
To Revenue a/c 500
AS must be abandoned due to lack of enhancing character in its principles.
Raise a debit note from your end for damaged goods and you will receive a credit note.
Purchases a/c
To Credit note a/c
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 09 January 2022
@ Prasad Nilugal is correct you can create the journals like he said, mine is no different than his
ABC Company A/c Dr
To Manpower Supply ( Sales) A/c Cr
To CGST A/c Cr To SGST A/c Cr ( Manpower supply Invoice No dt )
Read more at: https://www.caclubindia.com/forum/about-manpower-supply-585307.asp
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