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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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Answer Posted / 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 |
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