What will be JV of if gets discount received from my
vendors and as well as I allowed discount to my customer?
What will be the journal entry in these both cases. Pls.
give the answer, it's urgent.
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Answer Posted / sunder singh
IN CASE OF VENDOR:
VENDOR A/C DR.
TO DISCOUNT A/C
IN CASE OF CUSTOMER : IF IT IS ALSO RELATED TO SALES
SALES REVENUE A/C DR.
TO CUSTOMER A/C
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in our co we are sales of good to branch in order sales+fright, branch made jv entry in own book as full amount debit and credit. now our book show sales without freight but branch shows including freight that why differences is arise due to wrong entry passes pls clarify this entry and this entry is done last year book now balance is finalize.
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