what will be the entry for credit purchases with discount

Answer Posted / syed rahman

Purchase account Dr.
To Creditor Account
To Discount Account

Is This Answer Correct ?    14 Yes 5 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

At the time of advance tds deducted 2% contract which was wrong but when we adjusting the adavace tds deducting 10% rent how can we adjusting that amount

995


What is mean by Asset area?

1783


i have selected jr. accountant/ auditor in ssc graduate level 2008 scheme b. but i have not yet received deptt. memo and also appointment letter. when it will be come??? how much time???

1519


Tell me do you have any idea about service tax or excise?

612


Explain me scrap value in accounting?

672






What is the difference between consigner and consignee?

618


if a sole proprietor pays his firms insurance policy , How it should treated in books of accounts? whether it should be treated as investment? or indirect expenses?or drawings?

1123


Do you know what is the importance of team work in this position?

584


how to calculate forefeiture of share when over subcription

1823


What is the Technology used to carry out trades? Pls Tell me as early as possible.

3084


any one provide me mm & fi configration steps

1458


are tpt, freight & packing charges part of sales & purchase ??

1715


how sales invoices adjusted against advance received from Debtor?

1476


What is the difference between accumulated depreciation and depreciation expense?

691


Who is debtor purchaser

1486