Receiving Commission through Credit Note

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S B Das (Querist)
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02 August 2010 I am receiving Commission for achieving target for every month on last day of month through Credit Note and amount is adjusted with my invoice value. So please tell me how do I passed journal entry in the books of A/c.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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02 August 2010 You can accounted by 2 ways.
first :
you can adjusted credit note with invoice value against which you have received it.
ie. you have booked net purchase.

second
YOu can show it as commission on purchase and show it misll. income.

Nitin

Nitin (Expert)
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03 August 2010 Company who is giving credit note should deduct TDS on these credit note ,even if they are taking less payment by adjusting in future invoice?

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