Company A has purchased goods worth Rs. 25000 from company B and made the cash payment of Rs 5000 and remaining will be payable with in 30 days.
Assume that there is a late payment charge @ 2% on remaining amount as the invoice was received after due date from company B.
Pass the journal entry in the books of company A for all the above transactions.
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Answer / navin kumar
In the Books of Company A
Purchase A/C Dr 25000
To Cash 5000
To B Company 20000
Profit and Loss A/C Dr 400
To late payment Charge 400
| Is This Answer Correct ? | 3 Yes | 0 No |
sir, i m working in an ngo as accountant but new. pleas clear my doubt in tally. suppose 'a' salary is 5000. he taken 3000 advance from salary and not returned. i paid a cheque next month rest 2000. 'b' salary is 10000, taken 5000 advance from salary and returned so i paid him 10000 total salary. what all to do in tally. is the following procedure is ok or not?
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