advance received from supplier & its accounting treatment
This query is : Open
18 September 2017
If i received 200000/- from Registered buyer on dtd 1 aug 2017 against supply of goods. On 28 aug. We cancel deal and returned 2 lac back. What is treatment of above case. Pls explain in detail
18 September 2017
Nothing to do as both transaction are in same month.
But if you made such transaction from bank then you have to issue receipt voucher at time of receipt of advance & details of advance & its adjustment to be shown in August return.
18 September 2017
gst will have to charge on advance, after deal cancel have to reverse gst. or nothing to charge on above case. pls explain
18 September 2017
You have to charge GST on such advance......
18 September 2017
After cancellation you have to reverse such GST.
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