Prompt discount payment

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Accounts Executive
35 Points Posted on 30 January 2020
what is the accounting treatment of Electricity payment for prompt discount
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On 30 January 2020 at 11:26 Report
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This discussion clarifies the accounting treatment for prompt discounts received on electricity bill payments. It outlines the journal entries required to record the payment, including the discount received. The process also covers how to write off any remaining balance to the Profit and Loss account.

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35 Points Posted on 31 January 2020
Entry for payment of electricity bill
electricitya/c
to casha/c
to discount on electricity bill a/c
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On 31 January 2020 at 23:55
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Student
590 Points Posted on 03 February 2020

And to write off to p&l  it is p&l a/c Dr

To Electricity a/c

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On 03 February 2020 at 23:34

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