goods sold at discount/or at cost price because the goods are display goods what is the accounting treatment for it
does it is recorded or not ??
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Entry for goods sold at discount
Replies (4)
Same is recorded under sales just like other sales.
Trade Debtors A/c Dr
To Sales. A/c Cr
To CGST. A/c Cr
To SGST. A/c Cr
(Sales booking entry)
Bank A/c Dr
Discount A/c Dr
To Trade Debtors A/c Cr
( Discount entry)
To Sales. A/c Cr
To CGST. A/c Cr
To SGST. A/c Cr
(Sales booking entry)
Bank A/c Dr
Discount A/c Dr
To Trade Debtors A/c Cr
( Discount entry)
does this discount is recorded or not and is this trade discount
Yes , you have to record discount in the books of accounts, if it is not Trade discount. Also you have apply section 15(3) of the CGST Act in case of discount .
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