I want to know that , If we called a person for one day for drive our company van or any other purpose. so how it will accounted in our (i.e companies) Books of accounts....
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Answer Posted / Richa Gupta
For accounting purposes, when you place orders on behalf of customers and receive a commission or profit, follow these steps: 1) Record the sales revenue from Amazon in your books of account. 2) Record the cost of goods sold (COGS) as the cost of the items purchased from other e-commerce sites. 3) Record the gross profit earned as the difference between sales revenue and COGS. Regarding GST, if you are registered under GST and have a valid GSTIN, you should be able to claim ITC on the GST amount paid for goods and services used in your business, as long as the suppliers also have a valid GSTIN.
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