What will be Journal Entry
Amit Prakash Singh (118 Points)
29 August 2020
Credit note isdued by transporter to us .so what will be the journal entry.
Amit Prakash Singh (118 Points)
29 August 2020
Rajendra Prabhu
(Associate )
(59 Points)
Replied 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.
Rajendra Prabhu
(Associate )
(59 Points)
Replied 29 August 2020
A small change its Rule 53 of CGST Rules
Taha
(T)
(405 Points)
Replied 29 August 2020
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
