Accounting Entry
This query is : Resolved
26 October 2007
What will be the accounting entry of TURNOVER DISCOUNT made by party against purchase of pig iron.
What will be the accounting entry of TURNOVER DISCOUNT made by party against purchase of pig iron.
26 October 2007
DR.PURCHASES
CR.BANK
CR.DISCOUNT
IF IT IS A CREDIT PURCHASE, THE CREDIT WILL BE GIVEN TO PARTY INSTEAD OF BANK.
DISCOUNT RECEIVED IN ANY FORM OR OF ANY NATURE IS AN INCOME ITEM.
R.V.RAO
CR.BANK
CR.DISCOUNT
IF IT IS A CREDIT PURCHASE, THE CREDIT WILL BE GIVEN TO PARTY INSTEAD OF BANK.
DISCOUNT RECEIVED IN ANY FORM OR OF ANY NATURE IS AN INCOME ITEM.
R.V.RAO
05 November 2007
Thanks Mr.R.V.Rao and Mr.Kapil G.Thakore
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