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EXCESS AMOUNT RECEIVED AGAINST SALES
we had sold goods to one of our party of Rs 350000 in fy 20-21 but party credited our account of Rs 360000, so how to treat that excess rs10000 received if we want to close account in this year?
Replies (2)
Show Rs 10000/- as Excess receipt A/c under Indirect Income in P&L Account .
Pass entry
Bank A/c Dr 360000/-
To Excess Receipt A/c Cr 10000/-
To Trade Debtors A/c CR 350000/-
( Being payment received against Invoice No Dt.....)
If wrongly or by mistake credited to account , then return to Trade Debtor's , or adjust in the next receipt of payment from Debtor's . If no objection from Debtor's then pass above entry .
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