Say Company A invoices 100 Kl of base oil to Company B via ship. Company B receives only 99 KL and 1 KL is lost in transit.
Whether Company B is entitled for credit of 99 KL or 100Kl?
Say Company A invoices 100 Kl of base oil to Company B via ship. Company B receives only 99 KL and 1 KL is lost in transit.
Whether Company B is entitled for credit of 99 KL or 100Kl?
Mr.K.Prasanth is correct as per sec-17 of the act.But It can be adjusted in the return by issuing Debit note/ credit note for 1 KL lost in transit. Both company A & B has to accept the same.
how both A and B have to accept?
What if the entire consignment is lost?
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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