Accounting treatment of credit notes
This query is : Resolved
Ankan Mohanty
(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?
Also, whether making provisions for receipt of such credit notes is in accordance with Accounting Standard - 9?
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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