Entry for purchases including cash discount and vat.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2013
Purchases 10000
trade discount 1000
cash discount 1000
vat @10% 800
In above case seller calculate after deducting trade discount and cash discount.
Please told, how to pass accounting entry in above case.
trade discount 1000
cash discount 1000
vat @10% 800
In above case seller calculate after deducting trade discount and cash discount.
Please told, how to pass accounting entry in above case.
Rupesh Jain
(Expert)
18 June 2013
purchase a/c 10000 dr
vt receivable 800 dr
to discount recd (trade) 1000
to cash discount 1000
to creditor a/c 8800
vt receivable 800 dr
to discount recd (trade) 1000
to cash discount 1000
to creditor a/c 8800
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