Why party account dr. in discount received
This query is : Open
12 June 2021
when discount received from party
then why debited the party account
example
by party
to discount received
why not credit the party account
then why debited the party account
example
by party
to discount received
why not credit the party account
12 June 2021
Discount received is as good as income (because such discounts are reduced from expense).
Discount received when debited to the vendor would reduce the liability to the extent of discount.
If such discounts are credited to the vendor, it would increase the liability which am sure we all don't want to happen.
Discount received when debited to the vendor would reduce the liability to the extent of discount.
If such discounts are credited to the vendor, it would increase the liability which am sure we all don't want to happen.
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