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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 / gouher
we purchase goods worths 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 recieved.
for purchasing
purchasing a/c Dr 25000
To goods a/c 25000
(being goods purchased on credit)
for payment
shyams a/c Dr 20000
To bank/cash a/c 20000
(being payment made to shyam)
for remaing balance
the buyer has refusing to pay the remaining balance.
so the debit note can not bs issued.it can be issued when both the parties are agreed.so the entries will be..
bad debts a/c Dr 5000
To goods a/c 5000
(being refusing of the balance)
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