Frndzz plz suggest me what to be done in the following situation
A Debtor deducted payment on account of shortage while weighing at the Debtor's premises.
This deduction should be treated in what way?
Whether this is Discount allowed?
3 Replies
yash shah
(CA)
(91 Points)
Replied 13 April 2012
yup.... you can consider it as discount allowed... or else part payment
Bhargav K
(Senior Associate/Articled assistant)
(40 Points)
Replied 13 April 2012
U will have to pass the following entry
Debit : Weigment loss a/c Dr
Credit : Debtor A.c
yash shah
(CA)
(91 Points)
Replied 13 April 2012
bhargav can you explain your entry... i didnt got you
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