A LTD
Sales 300000
(1500 KG*200)  
 +   VAT 5% 15000
  315000

Suppose Company issued a Credit Note to A Ltd for Turnover Discount as follows

A LTD
Turnover discount 15000
 +   VAT 5% 750
  15750

Pass entry for Sales ,payment and Discount given

Will we issue Debit Note or Credit Note

View Answer
  1. Tax Practical
  2. Practical VAT CST

About the Author

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 .