Answer Posted / h.r. sreepada bhagi

It's important to know when the discount is given. Various
entries given below with example Original Price, Rs, 10000/-
& discount 10%.

1. When discount is mentioned in the Sales Invoice, there is
no need to recognise it separately as income (Discount
Received) as it is Trade Discount. The purchase entry is:-

Purchase A/c Dr. Rs.9000/-
Supplier's (Creditor) A/c Cr. Rs.9000/-

*** If it's an asset, Asset A/c shall be debited instead of
Purchases A/c.

However, if the discount of Rs. 1000/- is given at the time
of payment, then it's recognised as an Income, as it's
treated as Cash Discount. The purchase entry is:-

Purchase A/c Dr. Rs.10000/-
Supplier's (Creditor) A/c Cr. Rs.10000/-

The payment entry for settlement of credit purchase is :-

Supplier's (Creditor) A/c Dr. Rs.10000/-
Bank/Cash A/c Cr. Rs.9000/-
Discount Received A/c Cr. Rs.1000/-

Alternatively the supplier can be debited with Rs. 9000/-
through purchase entry & discount can be accounted by
debiting the supplier and crediting the Income A/c with Rs.
1000/-

Tell me where do generally accruals appear on the balance sheet?

910

---

What are the accounting entries for branch accounts?

945

---

How Advances to suppliers for purchase of raw materials is to be considered while calculating Drawing Power

1672

---

Horizontal balance sheet versus Vertical balance sheet

2174

---

I got a transaction of Online Recruitment Charges, So What is the Ledger to Create?

3818

---

What is the purpose of accounts like e.g. expense accounts assigned a account number 0040, principal account assigned anumber 0060.In our general ledger software such numbers are assigned.I want to know how these numbers (accounts) help in maintaing accounts of a company (like bank reconciliation).

1818

---

Explain what is gaap?

1013

---

Do you know in accounting, vat abbreviates what?

1046

---

Apportionment of expenses

2193

---

how many invoice types are there in accounting and what is the satutary obligations for each invoices and waht are the basic differences in those invoices.

2294

---

What is the difference between Accruals and Provisions?

1586

---

WRITE ABOUT ANY 1 "WOMENS ARE BEST MANAGEMENT PERSON" "IF UR FINANCE MINISTER OF INDIA" "V R RESPONSIBLE FOR OUR ENVIRONMENT"

2304

---

Richman Corporation has 120,000 shares of $5 par value common stock outstanding. It declared a 10% stock dividend on June 1 when the market price per share was $12. The shares were issued on June 30. Instructions: Prepare the necessary entries for the declaration and payment of the stock dividend.

2430

---

Tell us in balance sheet, where do you show tds?

970

---

What was your most complicated sales cycle in past positions?

1236

---