The buyer pays the price + premium + tax(gst) The price if the lot is held in a trust account. the premium is paid to the Auctioneer. the discount is to be applied to the Auctioneer the postage packing and insurance are cost netural - the money expended is recouped and the auctioneer pays the amount and recovers the amount.
I then need to receipt the money
the buyer account is credited price + premium + tax(gst) the money goes to the trust account where the seller pays a commission and tax for the service. The Auctioneer get the money for the commission and tax. The vendors account is credited price - ( premium + tax(gst))
Finally all parties are paid out.
I am hoping someone can give me the correct way to apply these values to the accounts for a double entry system.
At this stage I am only concerned with the invoice, receipt and payment of moneys. I will look at credits etc at a later date.
Hoping someone can advise the DR and CR needed for each transaction.