Interested to Buy Any Domain ? << Click Here >> for more details...
what is the journal entry for purchase bill discount
- 15 Answers
- 38874 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / narasimha rao
YOU PURCHASE TV DISCOUNT RATE IS 10% COST IS 10000 WHEN
ENTRIES
PURCHASE A/C DR 10000
TO DISCOUNT ON PURCHAS A/C 1000
CASH A/C 9000
DISCOUNT ON PURCHASE IS INCOME SO INCOMES ARE ALWAYS
CRIDIT
| Is This Answer Correct ? | 99 Yes | 3 No |
Answer / jubilee
cost 10000 disc is 1000 thn:
Purchase 10000
to party/cash/bank 9000
to discount 1000
| Is This Answer Correct ? | 45 Yes | 3 No |
Answer / vikas raturi
Purchase A/c Dr.
Cr. Discount received
Cr. Cash/Bank/Party Name
| Is This Answer Correct ? | 29 Yes | 1 No |
Answer / aashish salecha
01. On discounting of purchase bill
Party a/c Dr
To Bill Disvounting a/c
02. Payment of bill on expiry of discounting period
Bill Discounting a/c Dr
To Bank a/c
| Is This Answer Correct ? | 29 Yes | 10 No |
Answer / rajesh
Below is few Journal Entries for Purchase Bill
discount .there are 2 types of entry can make
1) DR XXX ( Party name )
CR Discount Recd
2) Dr XXX ( Party Name )
Cr Purchase A/c
| Is This Answer Correct ? | 27 Yes | 10 No |
Answer / arun kumar
Purchase A/c Dr
To Cash/bank A/c
To Discount received A/C
(Being discount received on Purchases)
| Is This Answer Correct ? | 21 Yes | 5 No |
Answer / farooq
Purchase Dr 10000
Disc Received 1000
A/payable 9000
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / ashamanju
DISCOUNT ON PURCHASE IS INCOME SO INCOMES ARE ALWAYS
CRIDIT
| Is This Answer Correct ? | 12 Yes | 0 No |
Answer / navjeet singh
Entry:
Purchase A/c Dr.
To Discount Received A/c
To Cash A/c
*Debit is all expenses & losses implies purchase is debited.
*Credit is all gains & incomes implies discount received is credited.
*Credit what goes out implies cash is credited.
| Is This Answer Correct ? | 4 Yes | 1 No |
what is open ended and close ended mutual funds?
can a real account shows a credit balance
what is the order for cashflow statement
what do you mean by contra entry? and where it is used?
34 Answers Accenture, AXA, L&T,
What is double entry book keeping?
What function within asset accounting allow mass processing?( any 2 answer) • Mass asset changes • Mass asset retirements ( abavn) • Mass asset acquisition ( abzon) • Mass deletion of active assets with net book value zero.
Which entry we pass self entry like cash withdraw for ourself
What cost-cutting measures have you implemented?
what is EDP reports?
definition of bank guarantee and use
A company disposed its old asset at rate lesser than its wdv Then how it will recorede and under what account group
What are the general Ledgers?
Audit 
