08 June 2021
1) When a 'Sales and Purchase' Transactions taking place and "Cr.Notes & a Debit Notes" are involved on both the aspects:- Where does this 'Both get's Impacted as Well as Appears' in our "Books of Accounts" like whether:- 'in Trial Balance (or) P & L A/c (or) Balance Sheet.........'?? What is the 'Entry' in the books of accounts ??
2) Secondly:- What will be the 'Effect and the Treatment in GST' Scenario ?? What should actually been done ??
Can "Anyone Please explain, respond on this Query as Early as Possible."
09 June 2021
Debit notes and credit notes impact sales and purchase net of to the extent of returns it will appear as trial balance in Profit & Loss account debit/ credit note will be deducted with Sales/purchase , no separate entry require for adjusting the entry
gst you have to upload respective credit or debit notes automatically net off turnover
CAclubindia
