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What is general entry credit purchase with discount?
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Answer Posted / surekha
the first entry is wrong .
discount normally offered by creditor as part of the po
terms so an entry is required for recognising the discount
so entry 2 is ok
purchases A/c Dr. 5000/-
To Credit to party 4000/-
To Discount, 1000/-
discount head create in Indirect Income head,
| Is This Answer Correct ? | 11 Yes | 2 No |
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