Trading & profit and loss account
This query is : Resolved
21 September 2012
Discount received at the time of settlement of bill with creditor is direct income or indirect income? Please answer me whether the discount received should be part of Trading account or Profit and Loss account.
21 September 2012
You can show the same under Trading A/c by reducing your purchase value..
21 September 2012
but that is not a trade discount which we can adjusted with the value of purchase and if we adjust the discount with the purchase value than it clashes with the purchase as per VAT return.
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