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Bill discounting

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(Querist)
29 September 2008 What is the accounting entry for discounting of bill?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
29 September 2008 Bank a/c Dr
Discounting charges Dr

To Bills Finance availed
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vinod

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vinod (Expert)
29 September 2008 if it is sundry debtor a/c then dr discout and credit sundry debtor.kindly issue credit note to the customer and reason for discounting there should be proper written communication between you and your customer
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
29 September 2008 It is not adviseable to give credit to the debtors account if Hundies are not drawn and accepted by debtors.
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