What is the journal entry for... Received claim from mohanratta for defect in goods supplied , claim admitted.
Answers
... To Goods / purchase a/c..
[ being claim received by business in cash.]
In above journal entry
Claim is received by the business as the goods is defected. If something is not given that how business get claim then if will shown as cash received in the books of accounts.
So cash is received by the business hence debited and Cash received on defected goods hence goods is credited
Answer:
Cash A/c Dr.
To Goods / purchase A/c..
( being claim received by business in cash)
Explanation:
In above journal entry;
The business received a claim because the goods were defective. If it is not clear how the business received the claim, it will be shown as cash received in the books of accounts.
Since, Cash is received by the business Cash is debited and defected goods are credited.
Claims for defective merchandise are received by the business as soon as the goods are discovered to be faulty. This is recorded in the books of accounts as cash received, with the corresponding debit to defective goods.
At the same time, a claim is raised with the supplier to whom the merchandise was purchased. The supplier then arranges for the return of the defective merchandise, and issues a credit memo to the business at the same time. Once the business receives the defected goods, they are then inspected to determine the cause of the defect. If the defect is due to a mistake on the part of the business, then the business has to bear the cost of the defective goods. In the event that the defect is due to the supplier, then the supplier has to bear the cost of the defective goods. The cost of defective goods is recorded as an expense in the books of accounts, with a corresponding credit to the inventory account.
Claim was accepted and rebate was allowed:-
https://brainly.in/question/4931273
Claim tenable:-
https://brainly.in/question/9515339