Sales and Purchase Transactions

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sugadeesh (Querist)
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08 June 2021 1) When a 'Sales and Purchase' Transactions taking place and "Cr.Notes & a Debit Notes" are involved on both the aspects:- Where does this 'Both get's Impacted as Well as Appears' in our "Books of Accounts" like whether:- 'in Trial Balance (or) P & L A/c (or) Balance Sheet.........'?? What is the 'Entry' in the books of accounts ??

2) Secondly:- What will be the 'Effect and the Treatment in GST' Scenario ?? What should actually been done ??

Can "Anyone Please explain, respond on this Query as Early as Possible."

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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09 June 2021 Debit notes and credit notes impact sales and purchase net of to the extent of returns it will appear as trial balance in Profit & Loss account debit/ credit note will be deducted with Sales/purchase , no separate entry require for adjusting the entry

gst you have to upload respective credit or debit notes automatically net off turnover