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EXCESS MONEY RECEIVED ON SALE OF GOODS


virendra rathod (job)     12 October 2019

virendra rathod
job 
 2 likes  50 points

| My Other Post

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

VIRENDRA RATHOD

Bharat Bohra   23 October 2019

Bharat Bohra

 23 likes  267 points

View Profile | My Other Post

Excess Amount received from customer should be shown in Balance Sheet under the heading Sundry Debtors (though it will have Credit balance)
Reason :-
1st altertative:-
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..

2nd alternative:-
If another sales invoice is raised then excess amount can be adjusted against that invoice and difference will be payable by your Customer .

3rd altertative:-
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...


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