12 May 2020
Good Morning all, I had a query relating to GST Credit Note. I Purchased 1000 Cement Bags @ 200/- i.e., 1000*200 =200000 (Purchase Cost)per bag and later the supplier issued Credit Note for the Rs.15000/- for the same goods, Now My Purchase Cost becomes Rs.200000-15000=185000 that is Rs.185/- per bag. I Sold these at Rs.195/- per bag in Retail to Customers. The Problem is, At the time of Purchase i will accounted as Rs.200/- per bag (1000bagsX200=200000) . The Credit note given by the Supplier had no effect to cost of per bag ( Directly reductionn in Purchase Value and no effect in Good Value). In My Books , the cost of Cement bag is Rs.200/- and Selling Price is Rs.195/- But actually i'm selling for Profit for Rs.195-185 =10/- per bag. My Question is How i need to give this credit note effect to my Stock price ? Can anyone say the answer.
CAclubindia
