banner_ad

Difficult journal entry

Others 1480 views 2 replies

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


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details