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.
Answers were Sorted based on User's Feedback
Answer / 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
Is This Answer Correct ? | 6 Yes | 0 No |
Answer / sajjad1
Jv in Case diccount Received from Vendor
Vendor A/C Dr
Discount On Purchase Cr
Jv in Case Dicount to Customer
Dicount Allowed Dr
Customer A/c Cr
Is This Answer Correct ? | 5 Yes | 0 No |
Answer / s k gupta
In the case of discount received from my vendors
Vendors A/c Dr.
To Discount Received A/c Cr.
If I allow to my Customer Than---
Discount Allowed A/c Dr.
To Customer A/c Cr.
Is This Answer Correct ? | 3 Yes | 2 No |
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