treatment of discount
This query is : Resolved
25 May 2009
can u tell me about discount? which one method of the following is more usefull.
if gross salse is 100
Less :- discount 4
Net sales 96
Vat @4% 3.84
Gross sales 99.84
OR
if gross salse is 100
Vat @4% 4
Net sales 104
Discount 4
Gross sales 100
if gross salse is 100
Less :- discount 4
Net sales 96
Vat @4% 3.84
Gross sales 99.84
OR
if gross salse is 100
Vat @4% 4
Net sales 104
Discount 4
Gross sales 100
25 May 2009
ON the amount realisable only VAT should be charged. First entry is correct.
25 May 2009
Thanks Sir
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