Interested to Buy Any Domain ? << Click Here >> for more details...
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.
- 12 Answers
- 22255 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What are the most important goals of accounts receivable?
PRELIMINARY EXPENSES INCURRED IN THE YEAR OCTOBER 2012 MONTH 5LAKS WHICH ACCOUNTED IN ASSET SIDE AS ''PRELIMINARY EXPENSES''... IN YEAR END MARCH 2013, IN 5LAKS HOW MUCH AMOUNT SHOULD TAKE FOR PRELIMINARY EXPENSES WRITTEN OFF..?
Was there a time when you lost the chance to engage a prospect? What happened and what did you learn?
how to calculate basic to gross salary
a company recive 5 demand draft in different parties 2 DD sumittted to bank for collection and it's collected. what is the closing entry of other 3 DD in the company on that date?
What is the difference between consigner and consignee?
how to pass interest on security entries and salary payable entries in tally and how to maintain e-commerce company account please revert me ASAP its needful for me
What is the definition(meaning) for the Final accounts adjustment 'Uninsured goods lost fire'?
What is BRS Adjustment entry?
Tell me what steps would you take to increase revenue for this company?
After close Balance Sheet, we find a expense which was wrongly debited in Profit and Loss A/c. How we adjust next accounting period?
What are the uses of journal in accounting?
What are the various systems of accounting? Explain them.
A manufacturer want to sale his product in Rs 110/ where his manufacturing cost is 100.what will be tax for the product in different way.If he want to sale his product outside the state then what will be the taxation way. I want to know as urgent.Hope you will describe me as brakewise statement with example.
What is normative accounting?
