Accounting entry
This query is : Resolved
16 March 2020
if I settle a particular amojnt on 30% then what to do of remaining amount if I show as discount tgen it will be income and will have to pay tax then what to do in that condition then it does not effect profit and loss accoint
16 March 2020
If you have taken inward supply then you would have booked in profit & Loss Account as an expense..
Since the settlement is at reduced rate , the full amount can't be claimed as exp.
So you must consider as income
09 August 2020
The balance amount will have to shown as Indirect Income
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