How to account flipkart invoicing & debit note entry. help

Rahul (Accounts Manager) (39 Points)

14 March 2016  

Friends..In badly need of your help. We are online sellers and I am finding difficulty to account the invoice in my system for the invoicing done by Flipkart.

Flipkart is giving discount on their behalf to the customer and raising a Debit note towards Discount, which is actually receivable to me. Please suggest what would be the sales entry and Debit note entry for the same. Giving below the calculation of the Invoice and Debit note as well.

Sales Invoice :

 

Item Selling Price

359.11

Item CST

  39.89

Shipping

  35.56

Tax on Shipping   

     4.44

Total CST @ 12.5%

  44.33

Discount

40.00

Total

399.00

 

Debit Note :

Particulars : Reimbursement of discount given to the

customer on behalf of FK Internet

 

 

Net Amount

35.56

Tax Amount

 4.44

Total

40.00

 

Kindly help.