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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.
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Purchases A/c Dr. 25000
Shyam Co. A/c 25000
(being purchases made)
Shyam Co. A/c Dr. 20000
Bank A/c 20000
(being amount paid through cheque)
For the balance amount we raise a debit note to Shyam Co.
If we take the reason of refusing to pay as "difference in
Rate" the entry is as follows
Shyam Co. A/c Dr. 5000
Rate Difference A/c 5000
(being debit note issued for rate difference)
| Is This Answer Correct ? | 17 Yes | 4 No |
Answer / guest
Purchases A/c Dr. 25000
Shyam Co. A/c 25000
(being purchases made)
Shyam Co. A/c Dr. 20000
Bank A/c 20000
(being amount paid through cheque)
For the balance amount we raise a debit note to Shyam Co.
If we take the reason of refusing to pay as "difference in
Rate" the entry is as follows
Shyam Co. A/c Dr. 5000
Rate Difference A/c 5000
(being debit note issued for rate difference)
| Is This Answer Correct ? | 9 Yes | 1 No |
Untill and unless you express clearly about the reasons for
refuasal of payment of balance as agreed at the time of
purchase,your account will be remained as a debtor in the
suppliers books of accounts and the supplier can take
action against you for non settlement of bill
sankeerthana
www.therealaccountants.com
| Is This Answer Correct ? | 4 Yes | 1 No |
Answer / h.r. sreepada bhagi
If the balance Rs. 5000/- is not discount, then mention why
it's not paid. Question is incomplete with out mentioning
the reason for refusal to pay.
If the reason is defective goods received to that extent,
account purchase only for Rs. 20000/-, but if u refuse to
pay with out justifiable reason, then the very action is
unethical or against the agreed terms with the supplier.
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / tushar
Purchase A/c Dr. 25000
To Shyam A/C 25000
Shyam A/C Dr. 20000
To Bank A/C 20000
For remaining 5000 you have to issue debit note to party &
the entry will be:-
Shyam A/C Dr. 5000
To Purchase A/C
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / sandeep rajput
Is it 101% covered by rebate & discount. It is in practice
in our system, whenever we have made less payment, it
should be treated as Rebate & Discount.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / rose
Purchase A/c----Dr 25000
To Discount A/c---cr 5000
To Shyam Co A/c---cr 20000
(Being Purchase of Goods & Discount Received)
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / ipa
On Purchase:
Purchases a/c. Dr. 25,000.00
to, Shyam & Co. 25,000.00
On Payment:
Shyam & Co. Dr. 20,000.00
to, Cash / Bank a/c. 20,000.00
On refusal for payment:
No entry, as the matter is under dispute.
| Is This Answer Correct ? | 4 Yes | 5 No |
Answer / tasdeeq ansari
PURCHASE AC\ DR 25000
TO SHYAM TRADING CO. 25000
SHYAM TRADING CO. A\C DR 20000
TO BANK A\C 20000
IF THE GOODS ARE REJECTED OR RATE DIFF THEN ISSUE DEBIT NOTE
SHYAM TRADING CO A\C DR 5000
TO REJECTION/RATE DIFF A\C 5000
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / mdhiru420
for purchase:
purchase a/c dr. 25000/-
to shyam co. a/c 25000/-
for payment:
shyam co. a/c 20000/-
to cash/bank a/c 20000/-
and about 5000/- ???????????
| Is This Answer Correct ? | 8 Yes | 10 No |
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