Reason behind Journal Entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 March 2011
Dear Sir,
Discount Received from Mr. Ram Rs. 200, journal entry is
Mr. Ram A/c Dr. 200
To Dis. Rec. 200
(Being discount received from Mr. Ram Rs. 200)
Why this journal entry
which golden rule, we are applying here
according to Nominal a/c all income cr. and we are doing the same here but at the same time if we talk about the other a/c Mr. Ram, he is the giver and according to Personal a/c rule, credit the giver, then why we are debiting the Mr. Ram a/c.
Please Explain with the a reason Please Mr. Experts????????
Discount Received from Mr. Ram Rs. 200, journal entry is
Mr. Ram A/c Dr. 200
To Dis. Rec. 200
(Being discount received from Mr. Ram Rs. 200)
Why this journal entry
which golden rule, we are applying here
according to Nominal a/c all income cr. and we are doing the same here but at the same time if we talk about the other a/c Mr. Ram, he is the giver and according to Personal a/c rule, credit the giver, then why we are debiting the Mr. Ram a/c.
Please Explain with the a reason Please Mr. Experts????????
08 March 2011
Mr Ram is giving discount it means he is acknowledging that money relating to discount being passed on has been received by him. So actually he is the receiver of the money.
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
