Accounts
This query is : Resolved
08 March 2012
Confused about :
Journalize the following Transaction:
Sham Supplied goods costing Rs.1000 to Ramesh at an invoice price of 10% above cost at a trade discount of 5%.
Please Help
Journalize the following Transaction:
Sham Supplied goods costing Rs.1000 to Ramesh at an invoice price of 10% above cost at a trade discount of 5%.
Please Help
08 March 2012
Your query is incomplete.......
Message likes :
1 times
08 March 2012
Cost Price Rs.1000
Add 10% on 1000 Rs.100
Ramesh A/c Dr Rs.1045.00
Trade Discount Dr Rs. 55.00 (5% on 1100)
To Sales A/c Rs.1100.00
Add 10% on 1000 Rs.100
Ramesh A/c Dr Rs.1045.00
Trade Discount Dr Rs. 55.00 (5% on 1100)
To Sales A/c Rs.1100.00
08 March 2012
Thanking you sir Sh. Obulirajan..
please confirm:
when we do entry in my answer book we need to show trade discount or not
or this following entry of this transaction is right
Ramesh A/c....1045
To sales A/c.......1045
(being sale to Ramesh @ 5% trade discount.)
please confirm:
when we do entry in my answer book we need to show trade discount or not
or this following entry of this transaction is right
Ramesh A/c....1045
To sales A/c.......1045
(being sale to Ramesh @ 5% trade discount.)
08 March 2012
Yes your entry is correct when the trade discount given in the invoice itself.
Message likes :
1 times
09 March 2012
To have complete picture of the transaction, you need to show Trade discount in the journal entry.
09 March 2012
Dear not required to show trade discount in journal if the same is given in invoice...
09 March 2012
ok, how you will come to know how much trade discount extended during that period?
09 March 2012
Is your accounting software permits, the same can be generated.. i.e. billing report, sales report, invoicewise billing report etc.,
09 March 2012
When you pass this entry:
Ramesh A/c Dr 1045
To Sales A/c 1045
How Accounting software give the report??
Ramesh A/c Dr 1045
To Sales A/c 1045
How Accounting software give the report??
09 March 2012
Dear, Now a days no body is using manual accounting system.. almost everybody shifted to ERP based accounting... ERP softwares like SAP, Oracle ect., will give such kind of report..
However, if you wish to show the trade discount in your P&L there is no harm.
However, if you wish to show the trade discount in your P&L there is no harm.
12 March 2012
My Dear , without entering basic entries properly, no software will give you report accurately.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
