Dear Sir/madam.
I have a typical question for which I am requesting to please guide me that what ACCOUNTING ENTRY I SHOULD RECORD IN my books. the Fact is that I want a single accounting entry for this whole transaction the details is herewith in the attached file.
We have one pvt ltd company and one proprietors ship firm for transport activities only .
the company takes the transportation service from that firm for delivery of good on FOR basis at customers factory.
we are charging Rs 3700 PMT for goods and 3700 for fright at FOR basis and paid the transporter Rs 3000 as actual fright and the remaining Rs 700 (3700-3000) will be owners profit. and diesel at actual and tds as applicable on the actual fright (i.e. Rs 3000 PMT). the value of invoice is received by the company and paid to the proprietors ship firm
I am attaching the excel sheet prepared at Factory for this transaction.
Kindly guide me what single accounting entry should I pass in books with under consideration GST Provision and Income tax provisions.
My goods are charged @ 5 in GST .
CAclubindia
