A LTD
Purchase 70000
(700 KG*100)  
 +   VAT 5% 3500
  73500

Suppose Company received a Credit Note for Turnover Discount as follows

A LTD
Turnover discount 8500
 +   VAT 5% 425
  8925

Pass entry for Purchase ,payment and Discount received

Will we issue Debit Note or Credit Note

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  1. Tax Practical
  2. Practical VAT CST
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CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .