prompt pymt dis.
This query is : Resolved
24 February 2009
if we gives prompt pymt dis. to exort customers, dis should be debited to p&L or deducted from sales.
As nt a trade dis. should be debited to PL instead of reducing from sales.
But is there any backup fr this?? is the treatement we gives in PL is covered anywhere in AS or elsewhere??
As nt a trade dis. should be debited to PL instead of reducing from sales.
But is there any backup fr this?? is the treatement we gives in PL is covered anywhere in AS or elsewhere??
25 February 2009
Prompt payment discount are always in nature of cash discount and should be charged off to PL as Discount expense.
This is based on GAAP and guidance avaliable as per notes to schedule VI 9 on profit & loss account) of the Companies Act.
This is based on GAAP and guidance avaliable as per notes to schedule VI 9 on profit & loss account) of the Companies Act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Rental income gst and it purpose
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
