Hi Team,
We have imported a material from china. out of which some materials got damaged and vendor agreed to adjust the rejection value against the invoice amount. Now the query is how do we post accounting entry and also if any other requirement we have to do.
pls tell me the way forward for this...
Thanks in advance.
BY TAX A/C 50
BY PURCHASES ACCOUNT A/C 450
TO BANK A/C 500
NOW 100 WORTH IS DAMAGED AND TAX ON MATERIAL ALSO NEEDS TO BE RECULATED. EG. 10 INR
BY BANK A/C110
TO PURCHASE RETURN A/C 100
TO TAX A/C 10
Saurav is good writer here who writes properly for many answers. He sometimes gives a gist. Anything related to imports and taxes is a different section.
CAclubindia
