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What is the entry for Discount Received? & What is the
entry for discount paid?
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Answer Posted / sajeer
mr pradeepkumar u r wrong.if u dont know about the basic
of accounts, pls do not post answer like this.this will be
misunderstood by many biginners who looks this site.
discount recieved is an income so it should be credited.
discount allowed is an exp so it should be debited
so here
discount received:
party(creditors) a/c......dr
to discount received
to cash/bank
DISCOUNT ALLWED
CASH/BANK A/C...............DR
DISCOUNT ALLOWED A/C.........DR
TO PARTY
| Is This Answer Correct ? | 130 Yes | 10 No |
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