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We purchase goods worth rs. 25000 from shyam co. in credit.
We paid him 20000 and rest we refuse to pay. What is the
journal entry for it. This is not discount received.
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Purchases A/c Dr. 25000
Shyam Co. A/c 25000
(being purchases made)
Shyam Co. A/c Dr. 20000
Bank A/c 20000
(being amount paid through cheque)
For the balance amount we raise a debit note to Shyam Co.
If we take the reason of refusing to pay as "difference in
Rate" the entry is as follows
Shyam Co. A/c Dr. 5000
Rate Difference A/c 5000
(being debit note issued for rate difference)
| Is This Answer Correct ? | 17 Yes | 4 No |
Answer / guest
Purchases A/c Dr. 25000
Shyam Co. A/c 25000
(being purchases made)
Shyam Co. A/c Dr. 20000
Bank A/c 20000
(being amount paid through cheque)
For the balance amount we raise a debit note to Shyam Co.
If we take the reason of refusing to pay as "difference in
Rate" the entry is as follows
Shyam Co. A/c Dr. 5000
Rate Difference A/c 5000
(being debit note issued for rate difference)
| Is This Answer Correct ? | 9 Yes | 1 No |
Untill and unless you express clearly about the reasons for
refuasal of payment of balance as agreed at the time of
purchase,your account will be remained as a debtor in the
suppliers books of accounts and the supplier can take
action against you for non settlement of bill
sankeerthana
www.therealaccountants.com
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / h.r. sreepada bhagi
If the balance Rs. 5000/- is not discount, then mention why
it's not paid. Question is incomplete with out mentioning
the reason for refusal to pay.
If the reason is defective goods received to that extent,
account purchase only for Rs. 20000/-, but if u refuse to
pay with out justifiable reason, then the very action is
unethical or against the agreed terms with the supplier.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / tushar
Purchase A/c Dr. 25000
To Shyam A/C 25000
Shyam A/C Dr. 20000
To Bank A/C 20000
For remaining 5000 you have to issue debit note to party &
the entry will be:-
Shyam A/C Dr. 5000
To Purchase A/C
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / sandeep rajput
Is it 101% covered by rebate & discount. It is in practice
in our system, whenever we have made less payment, it
should be treated as Rebate & Discount.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / rose
Purchase A/c----Dr 25000
To Discount A/c---cr 5000
To Shyam Co A/c---cr 20000
(Being Purchase of Goods & Discount Received)
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ipa
On Purchase:
Purchases a/c. Dr. 25,000.00
to, Shyam & Co. 25,000.00
On Payment:
Shyam & Co. Dr. 20,000.00
to, Cash / Bank a/c. 20,000.00
On refusal for payment:
No entry, as the matter is under dispute.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / tasdeeq ansari
PURCHASE AC\ DR 25000
TO SHYAM TRADING CO. 25000
SHYAM TRADING CO. A\C DR 20000
TO BANK A\C 20000
IF THE GOODS ARE REJECTED OR RATE DIFF THEN ISSUE DEBIT NOTE
SHYAM TRADING CO A\C DR 5000
TO REJECTION/RATE DIFF A\C 5000
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / mdhiru420
for purchase:
purchase a/c dr. 25000/-
to shyam co. a/c 25000/-
for payment:
shyam co. a/c 20000/-
to cash/bank a/c 20000/-
and about 5000/- ???????????
| Is This Answer Correct ? | 8 Yes | 10 No |
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Trial balance as on 31st March, 2014 Particulars Debit Pula Particulars Credit Pula Wages 14 100 Dividends received 4 300 Salaries 13 000 Bank overdraft 41 000 Opening Stock 40 000 Returns 1 000 Machinery 49 000 Creditors 14 200 Investments 30 700 Sales 258 500 Drawings 23 000 Capital 30 000 Purchases 130 000 Returns 2 000 Debtors 18 000 Advertising 13 400 Interest 4 800 Cash 11 000 349 000 ======= 349 000 ======== Additional information: 1. Closing stock is valued at P53 000. 2. Wages include P350 being advance against wages. 3. Wages include P1 000 paid for erection of machinery. 4. A purchase of stationery for P430 has been inadvertently included in the Purchases account. 5. A sale of investments with a book value of P2 600 for P2 500 has been included in the Sales Account. 6. Salaries include P150 per month paid to the proprietor’s domestic servant. 7. Machinery is to be depreciated by 10 per cent. Required: a. The revenue statement (Trading and Profit and Loss Account) for the year ended 31st March 2014 and b. Statement of financial position (Balance Sheet) as on 31st March, 2014.
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