treatment of discount
This query is : Resolved
02 June 2009
like if a recived a bill from my client of RS 4000/- and i pay him 3800/- by cheque. what should be the accounting treatment of Rs 200/- difference.
02 June 2009
Treated as discount & expenses should be booked for Rs.3800
Entry:
Expense A/c... Dr 3800
To Bank a/c 3800
Entry:
Expense A/c... Dr 3800
To Bank a/c 3800
05 June 2009
The correct entries are :
1)Expense A/c....Dr 4000
To Supplier A/c 4000
2)Supplier A/c....Dr 4000
To Bank A/c 3800
To Discount A/c 200
1)Expense A/c....Dr 4000
To Supplier A/c 4000
2)Supplier A/c....Dr 4000
To Bank A/c 3800
To Discount A/c 200
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