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Accounting treatment of credit notes

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(Querist)
07 May 2014 What is the treatment of credit notes received on account of special discount and early payment discounts?

Also, whether making provisions for receipt of such credit notes is in accordance with Accounting Standard - 9?
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CA Parul Saxena

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CA Parul Saxena (Expert)
07 May 2014 No provision is to be made. Just Debit the party and credit the discount received account.
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