IS CASH DISCOUNT/RECIVED IS OPERATING EXPENSE/INCOME?
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Answer / h.r. sreepada bhagi
No. Cash Discount Received or paid are not Operating
Income/Expense. Only Trade Discount shown in the
Purchase/Sales Income is an operation item and needs to be
adjusted with Purchases/Sales while accounting the transaction.
Cash Discount Received can be accounted as Other Income &
Cash Discount Allowed/Paid can be accounted under Financial
Charges, as this is a result of financial decision.
| Is This Answer Correct ? | 25 Yes | 8 No |
Answer / gautam kothari
Cash discount paid is an operating expense.
| Is This Answer Correct ? | 7 Yes | 12 No |
How do I pass entries towards advance paid to program ependiture. ex: Rs.20000 advance paid to Program officer. and he come back with program expenses venue Rs.1000, food expenses Rs.10000 and travel Rs.4000 and accommodation Rs.6000. Kindly give me the answer that how do I pass the entries and how should I adjust advance.
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