Sale bill discounting vs. purchase bill discounting
This query is : Resolved
15 January 2016
Please provide the treatments for Sale bill Discounting and purchase bill Discounting with bank by the company.
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.
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.
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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