Discount allowed journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 March 2013
Received cash from customer for $2940 after allowing 2% cash discount.
What is total amount receivable?
Somebody answer me quick.
Im having trouble with the calculation of total amount receivable and discounted amount.
What is total amount receivable?
Somebody answer me quick.
Im having trouble with the calculation of total amount receivable and discounted amount.
06 March 2013
Total Cash Received - 2940 $
For every 100$ You would receive 98$ after cash discount of 2$.
Total receivable would be - 2940/98*100 i.e 3000$ and cash discount would be 60$
For every 100$ You would receive 98$ after cash discount of 2$.
Total receivable would be - 2940/98*100 i.e 3000$ and cash discount would be 60$
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