Please Help: Accoutning Treatment
Posted Date : 23-Dec-2019 , 11:32:13 am | Posted By CA KALPESH LAKHANI
One of our Client, having status of Private Limited Co., doing business of online balance transfer to the venders. The company first received Cash/Bank from their all vender party and in turn the company transfer the balance in wallet of the vender A/c. Quary.. 1.Should the Cash/Bank amount received from vender be considered as a turnover in P & L A/c? 2.or only commission received from the wallet company is to be treated as direct income and not to shown the cash turnover in p& L A/c? 3.Since company is liable to to pay GST only on commission invoice issued to wallet company, now if we show the turnover of Cash/Bank (which is not liable to GST) department may raised the quary, that your turnover is more in p&l A/c compair to 3B??
Category : Accounts | Answers : 0 | Comments : 1 | Hits : 897
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CA Piyush Duggar
09-Feb-2020 , 10:17:35 pm1. cash/bank amt received from customer not consider as a turnover in p & l acconunt only commission income only be part of p &l. 3. in GST return only commission amount shown as turnover instead of whole cash/ bank amount which received from vendors. then return will match with books of accounts.