Accounting of rejected goods
This query is : Resolved
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?
18 January 2012
you can show it either as a cash discount or can claim as a damages during transit.
18 July 2023
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