WebCorrect option is A) Discount allowed is an indirect expenses to the business. There are two types of discount i.e. Trade Discount and Cash Discount. Trade Discount is allowed to promote the sales. It is allowed on the list price of the product. Net sales price i.e. after deducting the trade discount is only recorded in the books of account. WebSep 9, 2009 · 09 September 2009 In our creditors books our a/c is debited (means on debit side of our ledger in our creditors books)with rate difference of rs. 3600 when we pass foll entry then only we get our creditors ledger a/c tallied in our books with the one provided by them entry::: Rate Difference a/c dr 3600 to creditor a/c 3600 can u plz tell me why so
How to account for a sales discount — AccountingTools
WebDiscount allowed to a debtor is Debited under main head: Handout page 259, chap 13 a. Expenses b. Income c. Assets d. Liabilities. A receivables ledger control account had a closing balance of Rs. 9,000. A dishonored cheque of Rs. 500 had been omitted to record in the control account. WebMay 22, 2024 · Cash Discount: A cash discount is an incentive that a seller offers to a buyer in return for paying a bill owed before the scheduled due date. The seller will … call of duty pause menu
discount entries in tally - Accounts A/c entries - CAclubindia
WebJul 21, 2024 · This Video indicates about how to post discount allowed and received entries along with GST Tax invoice in TALLY ERP9 WebMar 5, 2024 · A sales discount is a reduction taken by a customer from the invoiced price of goods or services, in exchange for early payment to the seller. The seller usually states … WebMar 12, 2024 · In December 2024, the total sundry debtors of a business are $30,000. The company decides to create a Provision for Bad Debts @ 5% and a Provision for Discount on Debtors @ 3% p.a. on sundry debtors. Provision for bad debts = 30,000 x5/100 = $1,500. Remaining good debtors = 30,000 - 1,500 = $28,500. Provision for discount … cockney fish and chips menu