Difficult journal entry

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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 24 August 2026
Chartered Accountant Articles

Rohit KC Jain & Co

New Delhi

CA Inter

View Details
Company
11 August 2026
Chartered Accountant

Aviv Global Pvt Ltd

Ahmedabad

CA

View Details
Company
28 August 2026
Audit Manager

K A R M & CO

Mumbai

CMA

View Details
Company
25 August 2026
Senior Accountant

MG Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 August 2026
Article Assistant

Jain Ankit and Co

Gurgaon

CA Inter

View Details
Company
17 August 2026
Chartered Accountant with US GAAP Experience

Austin Med Solutions Pvt Ltd

Bengaluru

CA

View Details
Company
ARTICLESHIP 01 September 2026
Article Assistant

SGNG & Associates

New Delhi

CA Inter

View Details
Company
29 August 2026
Chartered Accountant

Velionit Consulting PVT LTd

Mumbai

CA

View Details