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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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Answer Posted / 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
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