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what is the journal entry for purchase bill discount
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Answer Posted / navjeet singh
Entry:
Purchase A/c Dr.
To Discount Received A/c
To Cash A/c
*Debit is all expenses & losses implies purchase is debited.
*Credit is all gains & incomes implies discount received is credited.
*Credit what goes out implies cash is credited.
| Is This Answer Correct ? | 4 Yes | 1 No |
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