What will be Journal Entry

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118 Points Posted on 29 August 2020
Credit note isdued by transporter to us .so what will be the journal entry.
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On 29 August 2020 at 10:51 Report
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When a transporter issues a credit note to you, it typically means the value of the service supplied has decreased. The correct journal entry involves reversing the expense previously booked. You should debit the transporter's account and credit the relevant freight charges account. Ensure the credit note complies with CGST Rules, specifically Rule 53.

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59 Points Posted on 29 August 2020

Dear sir,

A credit note is issued by the supplier when there there is difference in value of supply which is decreasing the value.

I presume you are the service recipient. Reverse the expense booked in your books. Debit the Transporter and credit the frieght charges etc.. Make sure credit note is issued in terms of Rule 54 of the CGST, Rules.

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On 29 August 2020 at 11:53
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Associate
59 Points Posted on 29 August 2020

A small change its Rule 53 of CGST Rules

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On 29 August 2020 at 11:54
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T
405 Points Posted on 29 August 2020
Transporter ----dr
to freight charges cancelled
confirm with others
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On 29 August 2020 at 11:58

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