Ca final
178 Points
Joined July 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.