a person order 20 units of phone from a shop online and shop's employee dispatch the parcel with 22 unit of phones by mistake so what are the accounting treatment and journal entries in the books of RECIVER
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Query on abnormal gains/profits
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Quick Summary
For 20 pens Invoice entry
Purchase A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Trade Creditors A/c Cr
( Booking entry for phone purchase)
Purchase A/c Dr
Input CGST A/c Dr
Input SGST A/c Dr
To Trade Creditors A/c Cr
( Booking entry for phone purchase)
Account only 20 units & try to get back the 2 units
No accounting is not done like that.
If you are receiver then give back the 2 units to seller as a fair trade practices .
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