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Accounting treatment of compensation to client
we sold our products to one client.On using our products our client's machine got damaged.now we are replacing that damaged part of the machine, by purchasing that part and ggiving the same to them.now what is theacounting treatment for that transaction in our books of accounts
Replies (1)
Dear Prasad,
Claims for Compensation A/c Dr.
To Supplier of Machine
If provision for Gaurantee/ Warranty is created by Company then
Provision for Gaurantee / Warranty A/c Dr.
To Supplier of Machine
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