FOR EXAMPLE I PURCHASE GOODS AMT 50000 (CGST 4000 + SGST 4000)
TOTAL BILL AMT 58000 . NOR SALER GIVE ME CREDIT NOTE OF RATE DIFFERENCE 1200 (CGST 100 +SGST 100) TOTAL AMT OF CREDIT NOTE 1400. HOW TO MAKE ENTRY OF THIS TRANSACTION??.AND IF I RETURN GOODS THAN HOW TO MAKE ENTRY OF THIS TRANSACTION??
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HOW TO DO RATE DIFFERENCE ENTRY
Replies (4)
You debit the seller. And credit itc and purchase account.
Agree
Further, for adjustment of value of stock, credit the inventory account only with the value (not quantity).
Creditor ( seller).........Dr
to purchase return ....cr
to gst on purchase return....cr
to purchase return ....cr
to gst on purchase return....cr
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