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Free material provide in annual maintenance contract

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(Querist)
08 November 2019 Dear Professionals We are taking Annual Maintenance Contract for maintenance of computers and servers any materials damaged In amc period will be replaced in free of cost in this case how do we treat accounting entry in GST
how manage my stock in business basically want to know full accounting entry
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
09 August 2020 Materials being Replaced free of cost is an expense and needs to be debited. Again if we are charging for the same after expiry of AMC period it would become an Income for the business.

Annual AMC Charges are Revenue in nature.
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