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Difference value entry in books,

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2013 Dear sir,

we have purchased few material from seller. but due to some reason we are not accepting this material, we want return back this, but seller is accepting this material on 70 % of actual value. we have not entered invoice in our books yet now, management team is also ready. what will be accounting entry in our books of difference value. please suggest me.
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CA Parul Saxena

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CA Parul Saxena (Expert)
30 September 2013 Purchase A/c Dr........
To Vendor................

On returning the material:-
Vendor A/c Dr..............
Loss incurred Dr...........
Purchase return...............
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Querist : Anonymous

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Querist : Anonymous (Querist)
01 October 2013 Thank you, Parul ji
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