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Editorial Board on Accounts and Audit
  • Accounting issue

    by Vivek on Thursday, July 25, 2019 at 05:38 PM

    Dear Sir, Continuing just asked query-- At the time of Sale from Depot, it passes following entry Debtors A.c Dr. To Sales To Taxes And at month end , it passes SALES A.C DR. TAXES A.C DR. TO FACTORY A.c. Thereby transferring the sales made and taxes collected by Depot to Factory A.c. The factory in this respect passes Depot A.c Dr. To Sales To Taxes , In its books of Accounts Query-- Whether all the above accounting done is correct ??

    Replied byEditorial Board Wednesday, July 31, 2019 at 10:23 AM

    These entries are correct from controlling perspective. It is presumed that the depot is a factory depot. The scheme of entries might change if depot is not a factory depot which then depends upon whether depot is acting as an agent or principal.

 
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