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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)
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