Sale bill discounting vs. purchase bill discounting
This query is : Resolved
VIKASH KUMAR JAIN
(Querist)
15 January 2016
Please provide the treatments for Sale bill Discounting and purchase bill Discounting with bank by the company.
Arpit Shah
(Expert)
16 January 2016
Invoice discounting is a form of short-term borrowing often used to improve a company's working capital and cash flow position. Invoice discounting allows a business to draw money against its sales invoices before the customer has actually paid.
Arpit Shah
(Expert)
16 January 2016
Invoice discounting is a form of short-term borrowing often used to improve a company's working capital and cash flow position. Invoice discounting allows a business to draw money against its sales invoices before the customer has actually paid.
Saket Jain
(Expert)
26 January 2016
Bill Receivable A/c Dr.
To Debtor A/c
(On Acceptance of Bill by Drawee)
Bank A/c Dr
Discount Charges Dr
To Bills Receivable
(Bills discounted At Bank)
In Books of Drawee
Creditor A/c Dr
To Bills Payable
(On acceptance of Bill)
Bills Payable A/c Dr
To Bank
(On Presentation and payment to bank)
To Debtor A/c
(On Acceptance of Bill by Drawee)
Bank A/c Dr
Discount Charges Dr
To Bills Receivable
(Bills discounted At Bank)
In Books of Drawee
Creditor A/c Dr
To Bills Payable
(On acceptance of Bill)
Bills Payable A/c Dr
To Bank
(On Presentation and payment to bank)
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