vendor out going payment suppose is 10000/- and after some
time vendor returned 2000/- as it is excess where this
transaction to be posted in fi/ap
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Answer / Punkhuri Singh
The transaction should be recorded as a credit to Accounts Payable (AP) for the original amount of 10,000. The refund of 2,000 should be recorded as a debit to Cash and a credit to AP.
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