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Mitesh Dhokiya   16 June 2021

HOW TO DO RATE DIFFERENCE ENTRY

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??


 4 Replies

CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     16 June 2021

You debit the seller. And credit itc and purchase account.
Sourav

Sourav (Student)     16 June 2021

Agree
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     16 June 2021

Further, for adjustment of value of stock, credit the inventory account only with the value (not quantity).
 CA Subhankar  Basu

CA Subhankar Basu (Chartered accountant )     17 June 2021

Creditor ( seller).........Dr
to purchase return ....cr
to gst on purchase return....cr
1 Like

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