Hello Friends,
Kindly help me out in understanding the accounting treatment of debit notes received
Doubt is as follows :
- Holding comp incurred expenditure in Jan 11 ( Revenue in nature)
- Raised a debit note in June 11. ( Amount mentioned in foreign currency)
- What should be the accounting for the above ?
- Since the exp pertains to 10-11, should we book the exp in 10-11 or since the debit note is dated June 11, should it be booked in 11-12 ?
Thanks.
CAclubindia
