discount

This query is : Resolved

Rashmi sham deshapande (Querist)
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15 January 2011 Hello

please help me to make entry of addl discout recevied. we get every month addl discount on products. compay deducted that amount from our cheque amount. I have made journal entry
Addldiscount A/C DR
To company A/c

But in ledger that addl discount amount showing as payable.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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15 January 2011 AS PER YOU QUESTION , IF COMPANY DEDUCTED THE AMOUNT FROM YOUR CHEQUE, IT MEANS YOU ARE GIVING ADDITIONAL DISCOUNT ,NOT RECEIVING.

ENTRY WILL BE MADE
BANK A/ C DR
REBATE & DISCOUNT DR
TO PARTY NAME.

YOU WILL CLAIM THIS ADDITIONAL DISCOUNT AS EXPENSES IN P & L A/C

Vivek Raju P

Vivek Raju P (Expert)
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15 January 2011 Bijender i believe even bank is not relevant for taking the debit it should only be

Discount Dr and Customer Cr..

The amount is directly deducted from the cheque that is being given

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