we are a trading company providing devices and some times
after sales service. when any defect came we just replace
the hardware from another defective device and getting the
payment from the customer. how can we account that? is
there any tax implications for this?
- 1 Answers
- 2729 Views
- I also Faced
- E-Mail Answers
Answer Posted / syedghouse
At the time of sale
cash sales. Cash A/c-------Dr
to sales A/c
2. Credit sales
Customer Name A/c ----Dr
to sales A/c.
3. Sales retuns.
Sales return A/c----- Dr
to Customer A/c
4. resupply of goods
Samme Entry.
%. Sellenr return goods to its vendor.
Vendor name a/c ----- Dr
Purchase retuern A/c
| Is This Answer Correct ? | 3 Yes | 0 No |
Post New Answer View All Answers
WHAT ELEMENTS OF YOUR JOB JNTEREST YOU THE MOST AND LEAST?
what is book building
What is the difference between Accruals and Provisions?
shyam consigned 200000 unit @ rs 5/-each to mr ram and paid freight and insurance amounting to rs 100000.ram spent further following amount: 1) insurance rs 5000 2) godown rent rs 4000 3) clearing rs 6000 2000 unit were damages during transits due to heavy rains. Ram sold 100000 unit @rs 10 per unit . ram realisec solvage value of damage unit rs .2000 ram is get 5% commission on sale determine the abnormal loss?
A COMPANY IS SERVICE PROVIDE TO B CO. 100,000 AND CHARGED STAX 10000 TOTAL BILL RAISED 110000 AND RECIEVED 30% FROM B IN DECEMBER AND 40% RECIEVED IN 10JAN2011, BALANCE 40% RECD IN 10 FEB2011 WHAT WILL BE GENERATED ACCORDING ACCOUNTING PRENCIPLE OF BOTH SIDE (MEAN A &B) WITH REVANUE& PROVISION PLEASE TELL ME
What are control ledgers? What are the purposes of maintaining it?
Do you know the term account payable?
Explain me the difference between public and private accounting?
In the case of stock transfer from one branch to another branch any reverse credit is applicable.
Do you possess any knowledge about accounting standards?
Explain me by saying, perpetual or periodic inventory system; what do we mean?
Can anybody tell me diference between provisions of Profit and Loss account prepared as per company act & Income Tax Act?
What is the difference between the accrual accounting and cash accounting?
sir I heard from some body that he received more money than requested in an ATM.Is it possible, if yes what is the remedy ?
What knowledge should financial accountant have?
