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Expense or loss

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(Querist)
13 December 2013 Discount allowed by a shop keeper to its customers is a loss or expense? And why?
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CA Vijeta Verma

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CA Vijeta Verma (Expert)
13 December 2013 Discount is an expense.
Generally ,its a practice of businessman/shopkeepers to build their market & get more customers.
In,practical sense there is an opportunity cost of allowing discounts,but in books you will have to show as expense.
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