Vishal Jain (42 Points)
30 April 2018
CA Sunil
(Internal Auditor)
(204 Points)
Replied 07 May 2018
Pls ellaborate your question, not able to understand your query....
Vishal Jain
(42 Points)
Replied 07 May 2018
CA Sunil
(Internal Auditor)
(204 Points)
Replied 07 May 2018
If i undertsood correctly, your problem is, how to account cash discount received in purchase bill which is negative balance .
Very simple account the purchase net of discount
example
Item Rate discount Price
Item 1 100 10 90
Item 2 100 5 95
JV
Item 1(InventoryA/c) A/c Dr 90
Item 2 (Inventory A/c) A.c Dr 95
To Vendor A/c/ Bank A/c 185
I hope this answer your query
CAclubindia
