Lesser amount received
This query is : Resolved
23 May 2018
Hi
A company deal with another company for event .
The deal amount is USD 5995
After some time event organiser company receive USD 5945 only
It means company receive USD 50 lesser
How event company will do accounting
How it represent 50 USD
How company will raise invoice after receiveing 5945
A company deal with another company for event .
The deal amount is USD 5995
After some time event organiser company receive USD 5945 only
It means company receive USD 50 lesser
How event company will do accounting
How it represent 50 USD
How company will raise invoice after receiveing 5945
CA Suresh Jain
(Expert)
23 May 2018
If it is related to price difference, debit it to discount and if it is on account of bank charges debit it to bank commission account
23 May 2018
Suresh ji can we show this as discount for finance charge in Invoices .
With regards
With regards
CA Suresh Jain
(Expert)
24 May 2018
If it is a Cash discount as per for agreement, it can be shown as Discount for early payment. If bills have been discounted by third party and paid, the amount can be shown as Discount of finance and in such case GST on RCM basis shall also be payable.
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