In the General Ledger.. When putting discounts, you put discounts on the DR side for Creditors and Discounts on the CR for Debitors.. Which side does discount go on for the rest of the accounts such as Purchases, M Dog, L Shirt, and L Dress?
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Answer Posted / deshvrat rai
We can write only cash discounts in our book of accounts, and it is available for our debtors and creditors only . Discount other than cash discount is trade discount. We can not write trade discount in our books. We write it by decreasing the price amount. Exp. List price of a mobile phone is Rs. 15,000/- . Seller is allowing discount of Rs. 1000/- each. Hear in the books of seller Sales a/c will be credited by Rs. 14,000/- only, and discount will not be visible in the books.
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