Purchase account would be debited by 38000 and packing account would be debited by 2000. 40000 would be credited to respective creditor or bank a/c.... reason for not accounting trade disc is that we record only cash discount in the book of accounts.
HOPE MY ANSWER WAS HELPFULL TO U...
guys i was confused regarding how this entry should be dealt in tally but not simply a journal entry
is the following procedure correct or not :
PURCHASE -- purchase voucher - debitting all items with its invoice value (purchases) , packing
crediting creditor and discount received
PAYMENT - CREDITOR A/C dr
to bank
im confused of recording that discount.....
| Originally posted by : satish kumar | ||
 |
purchase a/c DR. 38000 Packing A/c DR. 2000 to Sundry Crediotr/ Bank 40000 however you need to reflect the trade discount as the invocie raised will be showing purchase at 71310/-, less trade discount as 33310... |
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I completely agree with you friend...
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I Hope your query would have been resolved, Further If not then make 2 entries with the following Narration to reflect Trade Discount effect in books.
Purchase (Item Name) A/C Dr. 38000
Packing Charges A/C Dr. 2000
To Party 40000
(Being Goods Purchased for Rs. 38000.00 after Trade discount for Rs. 33310 recieved. Packing Charged Rs 2000.00 paid on goods Purchased)
Party Dr. 40000
To Bank A/C 40000
(Being Payment made for the purchases)
dear Vihari
I got ur Point
this is a practical Problem With Tally
in Case
Discounted Purchase A/c dr. 38000
Packing 2000
to Creditor 40000
(In Narration 71310-33310= 38000) Trade Discount 33310
Any Clarification Feel free to Call my No. 09891283554
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