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Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2013 trade discount received is:
A)recorded in the discount column of the debit side of three column cash book
B)recorded in the discount column of the
credit side of single column cash book
C)recorded in the discount column of the credit side of three column cash book
D)none of the above

according to me answer is [C] but answer given is [D]

can anyone clarify please!

CA Pallav Singhania

CA Pallav Singhania (Expert)
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01 November 2013 Answer is D...
There is no entry for Trade discount in Books....

As per normal accounting practice, Trade discount only allow in respect of total selling price. hence it shown on invoice for calculation purpose only.
No accounting treatment require.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 November 2013 oh..yea!
thanks!

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