Receipt for non-compliance with contract
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 April 2015
A Company entered into a contract
for manufacturing of 1000 kgs of a particular
product with another company.
It manufactured 1000kgs but the buyer could not
purchase the entire quantity.
The company raised debit note for compensation
excluding taxes for material not purchased by it.
Please advise in which account money received
for non-lifting should be booked.
for manufacturing of 1000 kgs of a particular
product with another company.
It manufactured 1000kgs but the buyer could not
purchase the entire quantity.
The company raised debit note for compensation
excluding taxes for material not purchased by it.
Please advise in which account money received
for non-lifting should be booked.
Vishnu Saboo
(Expert)
30 April 2015
this is kind of liquidity damage or you may credit it in other income
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