goods purchased worth Rs. 20 Lacs on 16 Feb.2024.
Above same related goods commercial discount credit note received from seller
on 15 April 2024.
Goods purchased accounting entry made
in F.Y.23 -24 books of account.
My question-
Whether discount entry give effect in f.y.
23-24 or 24-25
By discount amount whether give effect to related purchased account or to show
separately discount received in profit and loss account in credit side.
please guide
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Commercial Discount
Replies (2)
Quick Summary
There are two observation:
1. goods purchased invoice raised on credit basis.
assume payment not made till 15th April 2024.
2. Credit note to be adjusted in fy 24-25 and payment to be made after adjustment.
Discount to be shown separately.
1. goods purchased invoice raised on credit basis.
assume payment not made till 15th April 2024.
2. Credit note to be adjusted in fy 24-25 and payment to be made after adjustment.
Discount to be shown separately.
Discount to be shown in fy 23-24 or 24-25.
If discount effect give to purchase account i.e to reduce purchase cost, is adhere to accounting policy or not
If discount effect give to purchase account i.e to reduce purchase cost, is adhere to accounting policy or not
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