Where is we show Discount Received in which head?
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Discount Recevied is an Income due to immediate payment of
a sale or a credit sale.Discount is a Nominal Account and
thus posted in P&L account credit side under Discount
Recevied head.
| Is This Answer Correct ? | 24 Yes | 5 No |
discount received assuming it is not cash discount is
credited to the P&l as income. However, depending upon the
nature of discount it can either be reduced from the cost
of the purchases or treted as other income. for example
discounts received by a retailer of certain goods like
electrinic items or beaverages like coca cola should go to
reduce the cost of purchases in order to reflect the true
cost goods sold.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / muzammil
we discount received in p&l account
with discount received head
| Is This Answer Correct ? | 6 Yes | 12 No |
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