Difference value entry in books,
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2013
Dear sir,
we have purchased few material from seller. but due to some reason we are not accepting this material, we want return back this, but seller is accepting this material on 70 % of actual value. we have not entered invoice in our books yet now, management team is also ready. what will be accounting entry in our books of difference value. please suggest me.
we have purchased few material from seller. but due to some reason we are not accepting this material, we want return back this, but seller is accepting this material on 70 % of actual value. we have not entered invoice in our books yet now, management team is also ready. what will be accounting entry in our books of difference value. please suggest me.
30 September 2013
Purchase A/c Dr........
To Vendor................
On returning the material:-
Vendor A/c Dr..............
Loss incurred Dr...........
Purchase return...............
To Vendor................
On returning the material:-
Vendor A/c Dr..............
Loss incurred Dr...........
Purchase return...............
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 October 2013
Thank you, Parul ji
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