what is the journal entry for purchase bill discount
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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 |
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