Entry for gift voucher
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2015
Dear Sir,
1)We have shop of ready made garments and we have printed one book of 100Rs of Each voucher and total voucher in the book are 100 means Total 10000Rs book. we have made this book to give to some special client means whenever they come next time for purchasing garments they can use this voucher to reduce total invoice amount. So what entry we will pass for that ?
2) Some time we give offer to all customer to purchase RS1000/- you will get voucher of RS200/- which you can use in next time purchasing. so what entry we will make for that.
we sale all item on cash basis not credit. I need accounting entry for this.
REgards
1)We have shop of ready made garments and we have printed one book of 100Rs of Each voucher and total voucher in the book are 100 means Total 10000Rs book. we have made this book to give to some special client means whenever they come next time for purchasing garments they can use this voucher to reduce total invoice amount. So what entry we will pass for that ?
2) Some time we give offer to all customer to purchase RS1000/- you will get voucher of RS200/- which you can use in next time purchasing. so what entry we will make for that.
we sale all item on cash basis not credit. I need accounting entry for this.
REgards
27 July 2015
You will have to make provision for this.
The discount on the next sale is not ascertainable by you, right ?
The discount on the next sale is not ascertainable by you, right ?
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Querist : Anonymous
Querist :
Anonymous
(Querist)
27 July 2015
Dear Sir,
the discount on next sale is not ascertainable.
what will be provision entry for both example.?
the discount on next sale is not ascertainable.
what will be provision entry for both example.?
28 July 2015
Sale entry as usual. If the discount amount is not ascertainable, you will have to make a prudent assumption based on the past experience. The amount should be definite.
So, you will have to pass a provision entry when you get an rough figure as follows:-
Discount on Sale A/c- Dr
To Discount Liability Accrued
When at the time of next sale-
Cash /Bank A/c -Dr
Discount Liability Accrued- Dr
To. Sale
So, you will have to pass a provision entry when you get an rough figure as follows:-
Discount on Sale A/c- Dr
To Discount Liability Accrued
When at the time of next sale-
Cash /Bank A/c -Dr
Discount Liability Accrued- Dr
To. Sale
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