Treatment of cash discount
This query is : Resolved
08 June 2012
our client has received credit note of
Basic Rs. 6144497
Vat Rs. 384474
Total Rs. 65289741
Now what is its accounting treatment?
Whether it is deducted from purchases or not?
Basic Rs. 6144497
Vat Rs. 384474
Total Rs. 65289741
Now what is its accounting treatment?
Whether it is deducted from purchases or not?
08 June 2012
Input VAT Dr 384474
Supplier Dr 5760023
Purchase Cr 6144497
Supplier Dr 5760023
Purchase Cr 6144497
08 June 2012
pls Mention Credit Amount 6144497 or 65289741
08 June 2012
creditors Dr 65289741
To Rebate & Discount 65289741
Because It's Discount not a rate difference matter.
To Rebate & Discount 65289741
Because It's Discount not a rate difference matter.
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