What will be the journal entry if the invoice is received from supplier?
There is no entry for receiving invoice from suppliers rather entry is made when goods purchased from suppliers.
Generally as most businesses sell goods and services on credit terms, the value of the sales invoice is debited into the customers account as a debtor and a corresponding credit entry passed to sales. Eventually when proceeds from the sales are received in the form of cash/ bank transfer, the debtor's account is credit to cancel the initial debit for the sale and cash ledger debited with the receipt.
There are a couple scenarios that can be thought of, your question is a bit obscure: You state the product is "invoiced" on January 31st, but you don't say when the product was sent out. 1. If the product was sent out prior to Invoice then sending the invoice makes absolutely no changes to the books as the transaction was recorded upon shipping. For example your company sold a computer on January 15th and is…
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Debtors may sometimes be unhappy with their purchases and wish to claim a refund (allowance) from the supplier. Some reasons for this include poor quality goods, wrong colour, wrong size, overcharges, errors on the invoice, and so forth. The debtor then sends a debit note (D/N) to the trader in which the claim is made in respect of the goods returned or overcharge claimed . After investigation the supplier, if in agreement with the claim…