31 January 2020
we have purchased a new cell phone with gst. shop person given us bill with gretaer amount and shown discount with credit note. what will be entry to take gst benifit and will it be expenses or will be in fixed asset side. can we claim depreciaition
31 January 2020
GST can be booked and also reversed for discount portion (by entering credit note) and yes you are eligible for depreciation too at value of phone(excluding gst).
CAclubindia
