Accounting of rejected goods
This query is : Resolved
ANSHUMAN KHANDELWAL
(Querist)
18 January 2012
We are 100% EOU unit ,exporting duty free goods to overseas vendors.
Due to some reason a vendor did not accept 10% goods claiming short receive of goods & paid amount after deduction 10%.
so how we should account for this 10% of goods short recd by vendor.we can not show it as a return of goods because it creates duty liability on us ,moreever in realty we have not recd any goods.
so how to treat this in accounts?
Due to some reason a vendor did not accept 10% goods claiming short receive of goods & paid amount after deduction 10%.
so how we should account for this 10% of goods short recd by vendor.we can not show it as a return of goods because it creates duty liability on us ,moreever in realty we have not recd any goods.
so how to treat this in accounts?
sahil jain
(Expert)
18 January 2012
you can show it either as a cash discount or can claim as a damages during transit.
Dhirajlal Rambhia
(Expert)
18 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST input credit on commercial property
- ETDS return q4 25-26
- Gift to nri relatives residing in usa
- Intimation under section 245
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
