Discount received or Discount given
whether on sale or purchase
which key in tally
whether F7 or F8 F9
WHICH KEY ?
Neha Mishra (@student) (234 Points)
23 December 2013Discount received or Discount given
whether on sale or purchase
which key in tally
whether F7 or F8 F9
WHICH KEY ?
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 23 December 2013
Tally show the only tally function which are mention in tally but accounting treatment by the Journal Entries i.e. If you purchase/sale any goods Rs. 1000 and recd. the cash discount Rs. 100. We have passed the said entry
Purchase a/c Dr. 1000
To discount a/c 100
To Cash/Bank 900
Being chq. Paid incl. cash dis.
Same in case sale
XYZ A/c Dr. 900
Discount a/c 100
To sale a/c 1000
Being chq. Recd incl. cash dis.
Further any quiery plz intimate the same
Harendra Kumar
(Tax Advisor )
(1326 Points)
Replied 23 December 2013
This is my guess that is Journal, sale & purchase but actual when you open the tally software. It shows at right side uses of keys. Tally software is simple use for accounting.
Hojefa
(Ca final)
(178 Points)
Replied 23 December 2013
Dear,
generally cash discount is allowable. so only journal voucher should be passed(F7).Entries (for accrual basis a/cing)
1.if dis allowed then dis aallowed (indirect exps head) A/c dr To debtors A/c.
2. if Dis recd from crditors then credi A/c dr to dis recd A/c (head- Indirect income)
logic- here we see no direct recept or no direct payment involved hence journal voucher to be used. (becs indirect exps/ income).
if cash basis a/cing then at the time of payment to creditotr (for discount recd) combine entried would be done
so use payment voucher (F5)
entry creditor a/c dr To disc recd a/c , To cash/bank A/c.
while at time of recpt frm dbtrs use recpt voucher (F6) .cash/bank dr ,disc allow dr TO debt A/c.
Hojefa
(Ca final)
(178 Points)
Replied 23 December 2013
Dear,
Sorry . it was mistake in my above reply .i.e in cash basis at time of purchase entry passed
purchase A/c dr ,TO disc recd (IF any) TO cash/ Bank A/c (purchase voucher i.e F9) while
at time of sales cas/ bank a/c dr To dis allow, To Sales A/c (sales voucher F 8).
Hojefa
(Ca final)
(178 Points)
Replied 23 December 2013
sales entry
cash/bank a/c dr
dis allow dr
TO Sales A/c.
Hojefa
(Ca final)
(178 Points)
Replied 23 December 2013
Dear,
In my 1st reply all entries for accrual basis of accounting only.first 2 entrs shows seperate entries
while below 2 are combine entries. sorry agn for typing error.
CA Vanamala Phani Kumar
(Proprietor of M/s Vanamala and Co)
(972 Points)
Replied 24 December 2013
In Payment entry ...show Discount as Negative Figure
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
