Hi,
When a company receives a refund order of say Rs.100000 initially and this is booked in the accounts (amount not yet received). Later the refund is reduced to Rs.70000, and demand for the current year is say Rs.200000. The adjusted amount of Rs. 1,30,000 is being demanded.
Is there any guidance note on how this is to be recorded in the books of accounts?
CAclubindia
