Hi all,
Could anyone tell me what would eb the JE for Discount Recievable from a supplier and also the JE once the discount is actually recieved.
Mohit
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Journal entry for discount recievable from supplier
Replies (1)
u can't pass discount recd JV in advance because as per principle of conservatism u can't predict income in advance but u have to charge probable losses .so in your case u have to only pass entry of discount recd
PURCHASE A/C....DR 100
TO PARTY(CREDITORS) 80
TO DISC.RECD 20
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