Difference value entry in books,
Querist : Anonymous
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.
To Vendor................
On returning the material:-
Vendor A/c Dr..............
Loss incurred Dr...........
Purchase return...............
Querist : Anonymous
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