Question

18. A firm purchased goods from M/s R.K. & co. Because the goods received were not
as per order, the firm intended to return the goods. M/s R.K. & Co. Offered rebate of
Rs. 5000 if the firm retained the goods. The form accepted the offer and M/s R.K. &
co. Sent a credit note for the amount. In your opinion, what entry should be recorded
by M/s. R.K. & co.? (1)​

Answer 1

Answer:

A firm purchased goods from M/s R.K. & co. Because the goods received were not

as per order, the firm intended to return the goods. M/s R.K. & Co. Offered rebate of

Rs. 5000 if the firm retained the goods. The form accepted the offer and M/s R.K. &

co. Sent a credit note for the amount. In your opinion, what entry should be recorded

by M/s. R.K. & co.? (1)....

plz explain it....