What will be JV of if gets discount received from my
vendors and as well as I allowed discount to my customer?
What will be the journal entry in these both cases. Pls.
give the answer, it's urgent.
Answer Posted / kannan
in case of discount received- happens when purchase involved
purchase a/c Dr
discount received a/c Dr
To vendor A/c
in case of discount allowed- happens when sales involved
vendor A/c Dr
To discount allowed
To Sales
Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
What is the difference between trial balance and general ledger?
what is valuation code and valuation modifier in sap fico
How to calculate Term Loan interest and the double entry for Term Loan ? What difference between hire purchase and term loan ??
Tell us in accounting, how do you define premises?
Why company issue shares at discount as its a loss ?
How Advances to suppliers for purchase of raw materials is to be considered while calculating Drawing Power
What are negative postings?What are Credit memos ?Payment Requests ?
AL+w button lanunches the .............. installed web brower
Tell me what are the three factors that can affect your cash flow and business profitability?
what is dmat charges?
In South Africa , the current rate for value added tax is ?
Do you know what is balance sheet?
At the time of depreciation run we selected actual dep key is 5% but we taken 7% so the depreciation was posted wrongly how to rectify it?
Explain the accounts payable cycle
Types of errors in account