can anyone help me for accounting of Dairy Businees and controlling tools & income tax rules for Dairy business.
i also want books / accounting guidlines for contract farming & agriculture business.
thaks in advance
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Rajkumar
GS Shanmugam
(Freelance Accountant)
(39 Points)
Replied 24 May 2008
A sales invoice consists of (1) Sale price + VAT or CST = Invoice total.
Year total of all invoices is taken under Sales in P&L a/c in the final accounts. When I handed over the books and the trial balance to the auditor, he has finalised the accounts by taking only sale price. He has ignored the VAT component as well as the corresponding VAT paid under 'expenses'. To my knowledge, Turnover means final total in the invoice and not sale price alone. Will someone knowledgable quite the provisions of IT which defines the total turnover. Thanks in advance.
Shailesh
(accounts & Excel VBA)
(342 Points)
Replied 25 May 2008
When you pass sales entery it is as under.
Sundry debtors a/c dr
to sales
to vat\cst
vat\cst a/c is creted under current liabilities. So at the time of sales it is payable. when you pay vat\cst, post to vat\cst a/c
Your Auditros is right.
Shailesh
GS Shanmugam
(Freelance Accountant)
(39 Points)
Replied 25 May 2008
Mr Sailesh's reply does not address my query. What is the definition of SALES TURNOVER as per IT Rules (quote sec. No. and full contents thereof). Since a decade I have been filing IT returns of my clients through other CAs who have treated Sales + ST as total turnover as per the provisions of IT Act. I will be grateful for a clarification from a CA.
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