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Please explain what it means

1442 views 3 replies

tomjerry

lecturer

75 Points Posted on 01 September 2014

claim received from customer rs.900 for late supply of goods claim admitted for rs.500

Replies (3)

Quick Summary

Customer claimed Rs 900 for delay, but supplier accepted only Rs 500. Entry is passed for admitted amount only, treating it as expense or liability for the supplier.

Guest

i think you wrote opposite amounts

your line means that claimed admited amount is 500 and claim recd is 900... it cant b more than amount admited na

tomjerry

lecturer

75 Points Posted on 01 September 2014

according to the writer this statement is right and ask us to pass journal entry. l am confused about this statement

CA. Roopali Kadam

Jobs on assignment basis.

1481 Points Posted on 02 September 2014

We are supplier of goods. There was delay on our side. So customer claimed from us for the delay Rs. 900. But we only agreed for Rs. 500. So we will pass entry for only Rs. 500