Difficult journal entry

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PLEASE XPERTS HELP ME

 Sell goods amounting Rs. 5,00,000 as on 3rd march 2012 with a condition that if our customer pays the amount before 31 march 2012, then we will pay him discount 10%(valid till 31 march 2012, so my question is how will we pass journal entries in our books of account  IF OUR CUSTOMER MAKE PAYMENT BEFORE 31 MARCH 2012 AND IF HE PAYS PAYMENT AFTER 31 MARCH 2012.. (WILL WE MAKE ANY PROVISION FOR DISCOUNT ON DEBTORS) PLS XPERTS HELP ME I WANT JOURNAL ENTRIES FROM BEGNING TO END FOR BOTH CASES.. IF U KNOW THEN REPLY......

Replies (2)
Very simple.on sales - cust dr. To sales full amt. On rec of payment dr.bank a/c cr cust and dr. Dis allwed (if payt made in time)

On 3rd March

        Party A/c - Dr- 5,00,000

                   To Sales A/c- Cr- 5,00,000

 

If He Received Payment Before 31st March-

Bank A/c - Dr- 4,50,000

Cash Discount A/c - Dr- 50000

                                 To Party A/c - 500000

If He Recievd After 31st March

                     Bank A\c  - Dr- 500000

                                      To Party A\c - 500000


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