Credit Notes to be issued for rejected goods
This query is : Open
03 September 2009
Dear Experts,
We need your urgent attention here for the following matter -:
We exported some goods through our company in Jan 09 and Feb 09
Now our customer wants return some goods due to Quality Control Rejections.
Our customer wants us to issue some credit notes due to the amount of USD 25,000
How can we show the entries to the books.
And to what Invoice nos we show credit note as ?
Please help ?
We need your urgent attention here for the following matter -:
We exported some goods through our company in Jan 09 and Feb 09
Now our customer wants return some goods due to Quality Control Rejections.
Our customer wants us to issue some credit notes due to the amount of USD 25,000
How can we show the entries to the books.
And to what Invoice nos we show credit note as ?
Please help ?
03 September 2009
when you invoiced you made:-
Sundry Debtors...Dr.
To Sales
Now, recognise the return of goods and issuance of credit note as,
Sales Return....Dr.
To Sundry Debtors
Sales should be disclosed net of returns. Alternatively, you could also debit sales. That is not recommended.
Credit note should bear reference to the original invoices issued. Let me know if it clears your doubt.
Sundry Debtors...Dr.
To Sales
Now, recognise the return of goods and issuance of credit note as,
Sales Return....Dr.
To Sundry Debtors
Sales should be disclosed net of returns. Alternatively, you could also debit sales. That is not recommended.
Credit note should bear reference to the original invoices issued. Let me know if it clears your doubt.
03 September 2009
The goods were exported outside India
And now will come back to India.
The customer wants to pay for the new goods but
Will deduct payment from the Proforma Invoice ?
Help this?
And now will come back to India.
The customer wants to pay for the new goods but
Will deduct payment from the Proforma Invoice ?
Help this?
03 September 2009
I take an example. Suppose you originally sold the goods to Mr. A for Rs. 100.
Mr. A...Dr. 100
to Sales 100
Sales Return ....Dr. 100
to Mr. A 100
New sales worth Rs. 125,
Mr. A...Dr. 125
to Sales 125
Now I don't understand your problem. He wants to pay how much amount?
Mr. A...Dr. 100
to Sales 100
Sales Return ....Dr. 100
to Mr. A 100
New sales worth Rs. 125,
Mr. A...Dr. 125
to Sales 125
Now I don't understand your problem. He wants to pay how much amount?
05 September 2009
Ok here is the breif -:
We have TWO COMPANIES dealing with ONE CLIENT
We export goods in Partnership with the following transaction
Export/ Sale price - Rs 11.25
Total qty - 3500
Customer says total Rejections - 1000
The partnership company does not take rejection of 1000
Our Second Company, will take these rejection of 1000
But second company sells goods at Rs 11.75
Qty - 8000
Tell me what to do with this, as we have to bring the goods back.
And keep the customer happy and also our profits.
:)
We have TWO COMPANIES dealing with ONE CLIENT
We export goods in Partnership with the following transaction
Export/ Sale price - Rs 11.25
Total qty - 3500
Customer says total Rejections - 1000
The partnership company does not take rejection of 1000
Our Second Company, will take these rejection of 1000
But second company sells goods at Rs 11.75
Qty - 8000
Tell me what to do with this, as we have to bring the goods back.
And keep the customer happy and also our profits.
:)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
