Journal entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 July 2014
our company purchased certain bearings classified under stores & insurance spares (Current Assets)from a party for Rs.100000/-. There was a clause in the purchase order that if the materials were not delivered to us within a stipulated time we are going to deduct certain amount from the bill.As a matter of fact we deducted Rs.3000/-. my question is whether the stores A/c will be dr by Rs.100000/- or Rs.97000/-.plz provide with the J.entries
02 August 2014
Revenue is accounted is net of Late delivery charges (aka Liquidated damages) as per AS 9. Accordingly cost shall also be accounted net of LD for Rs. 97000
Dr Stores and Spares
Cr Vendor
Dr Stores and Spares
Cr Vendor
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