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ACCOUNTING ENTRIES, Accounting - Auditing

Issue Id: - 116624
Dated: 16-8-2020
By:- AJIT Tiwary
ACCOUNTING ENTRIES

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Dear Expert

Pls clarify, example are given below

Mr. A and Mr. B has been created a Joint Venture Named: AB(JV) with percentage of share 52% by Mr.A and 48% of Mr.B. Now AB (JV) got the work amounted to ₹ 10Lac. But at the same time Mr. B is suffering from crisis, due to this reason Mr.B make a MOU with Mr.A in which Mr. B outsource his share of work to Mr. A for a certain consideration. It means 100% of work of JV will be completed by Mr.A against which bill will be raise by Mr. A to AB (JV) on subcontract basis but when the material supplied by the supplier and raise the bill(including royalty) to AB (JV) then how the AB (JV) Will pass the entry with gst impact because all the work has been allotted to Mr.A

Further how the validity of outsourcing agreement exist.

Thanks

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