virendra rathod (job) 12 October 2019
I'VE SOLD GOODS OF RS 1,00,000. AGAINST WHICH I'VE RECIEVED PAYMENT OF RS 1,02,000 THROUGH BANK
SO, WHAT EFFECT I SHOULD GAVE IN ACCOUNTS REGARDING 2,000??????
IN WHICH ACCOUNTS IT IS SHOWN ???? TRADING OR P & L
THANKS & REGARDS
Bharat Bohra 23 October 2019
Excess Amount received from customer should be shown in Balance Sheet under the heading Sundry Debtors (though it will have Credit balance)
Excess amount received doesn't belongs to you and the same is refunded hence when it is refunded the ledger will get closed by passing Debit entry..
If another sales invoice is raised then excess amount can be adjusted against that invoice and difference will be payable by your Customer .
if suppose the client doest demand for 2000 and also in future he doesn't purchase goods from you then in that case transfer thd amount in p&l a/c as income...