HOW I PURCHASE 100% DISCOUNTED BILL MEANS ZERO AMOUNT BILL
EXAMPLE 1*100=100+GST 18%
LIKE THE TOTAL AMOUNT BILL IS 118 AND THEN DISCOUNT 118
BILL AMOUNT 118- DISCONT 118= ZERO
HOW DO I PURCHASE AND SALE THIS TYPE OF INVOICES
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HOW I PURCHASE THE 100% DISCOUNTED BILL & BILL AMOUNT BE ZERO
Replies (1)
First you need to determine whether the discount is being given before computing GST or after computing GST. This will depend on the agreements with the parties.
Treatment in accounts will done accordingly.
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