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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 / 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.
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