I am a partnership firm , in my transactions there are some as -
1. Goods getting damaged after I have sent.
2. Goods sent for samples to distributors ( for which amount is reimbursed to me by the company from which I have bought.
Till now , I have been maintaining all purchase , sales in tally but due to not having knowledge in tally.
I have been maintaining two excel sheets to note - damaged goods and goods sent on samples.
What is the way to use tally for these things.
Please tell me with entries.
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Tally implementation
Replies (2)
There is no principal agent relationship here because your name is recorded in capital account in Tally. Since, your part of the firm, the company bears all damages and distribution expenses.
Next, if you are a partner, you are entitled to finished goods sales. You don’t have to purchase them, but simply, distribute them. Once again, all selling and admin expenses will be borne by the company.
If your partnership is entitled only to the extent of profits, then, the main company will record it as agent sales and your company will be the agent.
Finally, your company will record as per IndAS 115, agent transactions. That is, performance obligations will be disclosed as to how to treat for agent’s refunds, damages etc. (IndAS 115.119(d)) and you have to record transactions as per your contract in the company books.
Appendix B37 sheds necessary information about agent treatment and other treatments as well.
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