accounting entry
Querist : Anonymous
"X" sold goods to "y"worth Rs.80000. "X" has given discount to "Y" of Rs. 30000
In the books of "Z", "Y" has a debit balance of Rs.38000. He settles the same by paying Rs. 8000 and asks to adjust the discount of Rs.30000 received from "X"
"X" and "Z" have continuous running balance in each other's books.
will "X" be able to take credit of discount given in his books? if so please suggest the accounting entries
I am not underatnding why a transaction between X and Y where X alllows some discount will any way affect the Books of Z. So i guess that you need to clarify more on this query
regds
aashish
1) Z's a/c Dr. 80,000
To Sales a/c 80,000
2) Discount a/c Dr. 30,000
To Y's a/c 30,000
In Y's Book
1) Cash a/c Dr. 8,000
X's a/c Dr.30,000
To Z's a/c 38,000
In Z's book
1) Y's a/c Dr. 38,000
To Cash a/c 8,000
To X's a/c 30,000
I hope this will clarify the matter otherwise feel free to ask.
Querist : Anonymous
"Y" is common party in both the books of "X" and "Z"
Also, there exists inter transactions between "x" and "z".
Querist : Anonymous
"Y" is debtor in the books of "z"
also please tell enteries for mutal set off in the books of "x" and "z"
Click here to login now
Similar Resolved Queries
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Cash balance limit and property purchases limit
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- Journal entry of busniess expenses
- FCRA 6 E- Intimation
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
