IS CASH DISCOUNT/RECIVED IS OPERATING EXPENSE/INCOME?
- 2 Answers
- 21927 Views
- I also Faced
- E-Mail Answers
Answer Posted / h.r. sreepada bhagi
No. Cash Discount Received or paid are not Operating
Income/Expense. Only Trade Discount shown in the
Purchase/Sales Income is an operation item and needs to be
adjusted with Purchases/Sales while accounting the transaction.
Cash Discount Received can be accounted as Other Income &
Cash Discount Allowed/Paid can be accounted under Financial
Charges, as this is a result of financial decision.
| Is This Answer Correct ? | 25 Yes | 8 No |
Post New Answer View All Answers
As an importer of goods through letter of credit, (payment is done through indian bank to foreign back), my question is who is liable to pay with holding tax when the payment is remitted to foreign bank, whether the buyer(importer) or the seller and why?
Tell me what is ledger?
1. Why do wish to study in canada in the program for which you have been accepted? 2. What is your overall education goal? 3. Why are you pursuing a similar program in your country of residence/citizenship? 4. What research have you done into studies in your country of residence/citizenship? 5. How will this program enchance your employment opportunities in your country of residence? please send me all possible answer i hope your answer will help me a lot...
what is special purpose ledger in SAP.. is it required to configure in ECC 6.0 since New GL concept is active?
What's the accounting entry when an Invoice is created in AR?
In accounting equation what is the treatment of investment in shares??
What are its characteristic features of financial accounting?
consultancy charges receivable Rs 30000 from abc & co. tds receivable 3000
When their is one pick point and four unloading places with in same district their is need to write four number of way biils
Mention why some asset accounts have a credit balance?
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 Calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
the selling price of a prouduct of vintex limited inclusive of basic excise duty 16% and education cess 2% and SAH cess 1% is rs 3002. find the assessable unit of prouduct?
what is the diffrence between cash flow & cash fund?
WHAT IS MIS REPORT IN ACCOUNTS ? WHAT IS ITS USE IN ACCOUNTS & GIVE WITH AN EXAMPLE ?
What is ppe in accounting?
