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.
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|
What is meant by turnover?
What is Contra Voucher
can any accountant forward format of daily or monthly mis format for accounts and finance dept!!
Received intrest Rs.50 on advanve income-tax paid.
what is journal entry for the credit sales and purchases
What is Normal Loss? and What is the reason for Debiting such Loss in P&L account and also Crediting in Trading Account? and how the Loss should be accounted?
why Prepaid Expense is treated as an asset & what will be its journal entry using golden rules of accounting.
a purchase of Rs.750 from raghubir has been debited to his account.purchase account has been correctly debited.
Tell me what are the three factors that can affect your cash flow and business profitability?
state (5) accounting concepts and give 1 example of each
You are a B.E Student? How can u manage Banking?
what diff. between laibilities and provision?