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On behalf implications on accounts preparation

Forums › ACCA Forums › General ACCA Forums › On behalf implications on accounts preparation

  • This topic has 0 replies, 1 voice, and was last updated 10 months ago by siawching.
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  • August 5, 2021 at 2:33 am #630420
    siawching
    • Topics: 8
    • Replies: 5
    • ☆

    Hi All,

    Really appreciate you help on this. I’m an ACCA part-student with full time work. I just wish to know how to apply my knowledge into this real life scenario.
    (I have included initials as confidentiality)

    Scenario:

    Haulier Co. ABC is a company that delivers containers to consignees. Their costs are broken down into:-

    (1) Cost of sales [Vehicle Repair & Maintenance as it represents a huge bulk in order to perform the sales]

    (2) On behalf [They owe on credit (30days) to Customs (Service Tax), Liners (MTT Shipping) & Country ABC’s Port (Port Storage)

    ABC then bills their customer XYZ (Invoice:001, payment term 30 days) based on the costs incurred in (2) in the exact same amount (because it is payment on behalf only) + Haulage charges

    I realize that Haulier Co. ABC has to bear the costs before it is reimbursed from the payment received from invoice: 001

    What are the DR and CR for the on behalf?

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