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Q. > Please Help: Proper accounting
Is it necessary to book complete turnover?what if we book some vendors in sale/purchase & for some we book net income (sale-purchase)only,is it necessary to show every transaction thru sale/purchase,if yes under which Act/Accounting standard?
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vipul jadhav
18-Dec-2012 , 08:19:15 pmBooking of Gross Turnover for some sales and Net turnover for some is a discrepany in accounting sytem followed by the assessee. It is always recommeded every where to account for gross turnover, rather than net turnover since the parties dealt with are different. further if you are a ca and the party is under tax audit, in case of scrutiny you will be in a big mess.