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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 / kannan
in case of discount received- happens when purchase involved
purchase a/c Dr
discount received a/c Dr
To vendor A/c
in case of discount allowed- happens when sales involved
vendor A/c Dr
To discount allowed
To Sales
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