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Accounting Entry

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(Querist)
26 October 2007
What will be the accounting entry of TURNOVER DISCOUNT made by party against purchase of pig iron.
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R.V.RAO

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R.V.RAO (Expert)
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
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KAAPIL

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KAAPIL (Expert)
02 November 2007 Purchase A/C. Dr.
To Bank
To Discount
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kumar arumugam

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kumar arumugam (Expert)
05 November 2007 Thanks Mr.R.V.Rao and Mr.Kapil G.Thakore
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