a firm supply some goods to customer but due to some reason it was cancelled by customer and firm refund the 80% amount and charge 20% as cancellation fees
how do we record it ?
Atharv Sankliya (1113 Points)
04 February 2023
CA Rashmi Gandhi
(Chartered Accountant)
(83540 Points)
Replied 04 February 2023
Sumit
(Accountant)
(22 Points)
Replied 04 February 2023
CA Rashmi Gandhi
(Chartered Accountant)
(83540 Points)
Replied 04 February 2023
Yasaswi Gomes
(1959 Points)
Replied 04 February 2023
What is everyone talking here. There is assurance type warranties and service type warranties and cancellation provisions involved here. Plus customer options!
Yasaswi Gomes
(1959 Points)
Replied 04 February 2023
I forgot the main thing,
Cr cancellation charges
Dr. Customer/debtors/receivablez
Yasaswi Gomes
(1959 Points)
Replied 05 February 2023
Sale 100, refund 80, cancellation, 20!
It's like a ...
Debtor Dr. 100
Cr sales 100
Cr. Note 80
Dr. Sales 80
And
Dr loss on customer cancellation
Cr. Bank.
But
Bank 20 Dr
Sales 20 Cr
I'm a genius!
sabyasachi mukherjee
(17711 Points)
Replied 05 February 2023
Atharv Sankliya
(1113 Points)
Replied 06 February 2023
CA Rashmi Gandhi
(Chartered Accountant)
(83540 Points)
Replied 07 February 2023
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