Credit card discount entry in books

This query is : Resolved

Nanda Kumar (Querist)
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26 August 2015 Sir, we purchased some items for office from Bigbazar through credit card for Rs 8000/-. But when credit card statements comes, they have given discount of around Rs.700/- and we paid card payment of 7300/- through cheqe. Sir I am confused in doing entry of this discount. Please help me.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 August 2015 When bought through credit card
Debit items/expenses (as the case may be) 8000
Credit Credit Card Company 8000

when payment is made to credit card company

Debit Credit Card Company 7300
Credit Bank 7300

Debit Discount 700
Credit item/expenses (as the case may be) 700

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