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Source document for Cash discount

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(Querist)
30 January 2024 In case of cash discount given to a buyer, the seller will record Discount Allowed as an expense in Profit and loss account. Which document will be issued to the buyer showing the amount of discount allowed to him?
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
31 January 2024 A credit note will suffice
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CA Anmol Grover

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CA Anmol Grover (Querist)
31 January 2024 thanks for your response
Credit Note will Dr. Sales A/c and Cr. Debtor A/c then how discount would appear in Discount allowed A/c?



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RAJA P M

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RAJA P M (Expert)
31 January 2024 It's can't be debit in sales account. It will separately account as Discount Paid...

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