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.

CA Parul Saxena online

CA Parul Saxena online

(Expert)
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30 September 2013 Purchase A/c Dr........
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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