paid vendor to RS 15000 and incentives of RS.5000 and deducted Rs.3000 as penalty so finally paid to vendor is Rs.17000. please let me know the journal entry for this.
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Answer / Chandan Kumar Mishra
[Debit Vendor Account] 15000.00n[Credit Vendor Account] -15000.00n[Debit Penalties Expense Account] 3000.00n[Credit Vendor Account] 2000.00
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