Discount after purchase
This query is : Resolved
30 July 2012
Dear sir
I purchased a cellphone and paid 10000. later after two months i received a bag worth 1000 from the cellphone vendor. how should i record this bag in my accounts. Is it discount received or misc. income? . what if the item purchased is goods.Give me the entries also.
thanks®ards
harish
I purchased a cellphone and paid 10000. later after two months i received a bag worth 1000 from the cellphone vendor. how should i record this bag in my accounts. Is it discount received or misc. income? . what if the item purchased is goods.Give me the entries also.
thanks®ards
harish
30 July 2012
if bag received for cell phone purchase then it should be deducted from cell phone cost by crediting cellphone and debiting bag a/c
and if it was a goods then debit stock and credit cellphone
and if it was a goods then debit stock and credit cellphone
30 July 2012
Materiality is the KEY. Are you going to claim depreciation on cell phone? In normal cases, it is a gift. not taxable in the hands of donee. If you are showing it as goos... then the better treatment would be gift received rather than misc income. This will be added below gross profit line.
30 July 2012
Its a gift in kind, and u dont have to show any entry in books, related to bag received.Its neither discount received nor misl income.
30 July 2012
Agreed with the reply of the Experts
30 July 2012
sanyam plz attend unattended queries, so that most queries will be handled..plz cooperate
30 July 2012
Sure Mr Aadish i am trying to give my best
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