We purchase goods worth rs. 25000 from shyam co. in credit. We paid him 20000 a

We purchase goods worth rs. 25000 from shyam co. in credit.
We paid him 20000 and rest we refuse to pay. What is the
journal entry for it. This is not discount received.

Question Posted / mdhiru420

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We purchase goods worth rs. 25000 from shyam co. in credit. We paid him 20000 and rest we refuse to..

Answer / gouher

we purchase goods worths Rs.25000 from shyam co.in credit.we paid him 20000 and rest we refuse to pay.what is the journal entry for it.this is not discount recieved.

for purchasing
purchasing a/c Dr 25000
To goods a/c 25000
(being goods purchased on credit)

for payment
shyams a/c Dr 20000
To bank/cash a/c 20000
(being payment made to shyam)

for remaing balance
the buyer has refusing to pay the remaining balance.
so the debit note can not bs issued.it can be issued when both the parties are agreed.so the entries will be..

bad debts a/c Dr 5000
To goods a/c 5000
(being refusing of the balance)

Is This Answer Correct ?

0 Yes

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We purchase goods worth rs. 25000 from shyam co. in credit. We paid him 20000 and rest we refuse to..

Answer / deepthi

for purchase

Purchases A/c dr 25000
to shyam A/c 25000

for payment

shyam a/c dr 25000
to cash A/c 20000
to bad debt A/c 5000

Is This Answer Correct ?

3 Yes

12 No

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