Dear All,
I have a problem related to excess pyamnet. i made a excess paymnet to my vendor, now what shoud be treatmnet regarding this.
I recive a bill Rs 125,000 and i paid 129000, so now what about 4000 thosuand.
Please help me
Thanks to all
Sachin Rajput (account exe) (593 Points)
23 February 2012Dear All,
I have a problem related to excess pyamnet. i made a excess paymnet to my vendor, now what shoud be treatmnet regarding this.
I recive a bill Rs 125,000 and i paid 129000, so now what about 4000 thosuand.
Please help me
Thanks to all
C.A. M.Com. Suhas A. Nagpure
(CA)
(1175 Points)
Replied 23 February 2012
Show it as Advance or ask for refund of money.
Sachin Rajput
(account exe)
(593 Points)
Replied 23 February 2012
But now party will not make refund and no billing in future so now?
Kamaraj Mani. N
(Chartered Accountant - Product Manager)
(553 Points)
Replied 23 February 2012
Create a provision for the said amount
MAHENDRA KANTILAL TITA
(Account Executive)
(131 Points)
Replied 07 March 2012
Mr. Sachin :
Make it as Receivable from party or you can transferred to Discount A/c.
Entry :
Party A/c. Dr Rs.4,000/-
To Discount / Trade Discount A/c. Rs.4,000/-
Thanks...............
Dhanabal Ramasamy
(CHARTERED ACCOUNTANT)
(105 Points)
Replied 10 March 2012
Dear Sachin,
If the amount is not refund then you should wite off it as bad debt as it cannot be recovered from the party.
satish kumar voleti
(A.C.A., (ICWAI))
(1686 Points)
Replied 10 March 2012
book it as expenditure for the purpose for which it has been paid....since it seems the party may not refund that amount................
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