Sales and Purchase Transactions
This query is : Resolved
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."
Be Safe and Take Care of You and Your Family.
Thanks and Regards
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."
Be Safe and Take Care of You and Your Family.
Thanks and Regards
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
gst you have to upload respective credit or debit notes automatically net off turnover
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
