sanjaya (Accountant) (85 Points)
21 June 2010For a company tradaing iron ore it usually happens that supplier supply low grade material.in one such instance we lost 50 lakhs due to purchase of low grade materials.our supplier agreed to share our loss for rs 30 lakhs but sent bill for the full amount.
We can pass the entry say Supplier A/c Dr to Loss on grade fail A/c.
What will be the group for loss on grade fail ledger in tally?
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 21 June 2010
We can pass the entry say Supplier A/c Dr to Loss on grade fail A/c.
What will be the group for loss on grade fail ledger in tally?"
sanjaya
(Accountant)
(85 Points)
Replied 22 June 2010
Further how should we bill the same to our buyer as we have to bear loss amounting rs 20 lakh.
Should i adjust the amount in bill itself by lowering the rate or send bill for the full amount and issue a credit note or ask the buyer to issue a debit note.
Venkateswara Rao Sapare
(Accountant)
(1500 Points)
Replied 22 June 2010
CAclubindia
