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Accounting entry

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Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2012 our firm is doing screening & printing of saree business.foe which we need lignite & we purchase it from GMDC.for which there an ajent who book lignite at gmdc & pay the amount on our behalf. at that time he issue debit note regarding booking charges of lignite.when we get the dilivery of lignite gmdc make bill on us and return the differance amount of booking and bill to us.now what accounting entry should be passed for above transaction.
we have credited agent's a/c on reciept of debit note & make the payment on debit note.now how to make entry of gmdc bill. pls help me.

CA Ilayaraja

CA Ilayaraja (Expert)

09 September 2012 please specify clearly to whom u r paying..
i.e., to gmdc or agent... with amount

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2012 we are paying to agent on the basis of debit note i.e booking amount.and the difference of booking amt and bill amount is receive from gmdc

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