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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 / 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
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