Urgent plz.. reply....

Page no : 2

Dhaval (Industrial Trainee) (142 Points)
Replied 04 December 2012

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...

vishnu (articles ) (161 Points)
Replied 04 December 2012

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.....

techplc (B.Com) (29 Points)
Replied 04 December 2012

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...

I completely agree with you friend...

MSC SOFTWARE ENGINEERING FINAL YEAR PROJECTS

sandeep (student) (188 Points)
Replied 05 December 2012

technical i say purchase should shown gross in invoive ie before trade discount . there pis option in the tally for trade discount to deduct automatically . use it for entering

CA Rajneesh Dixit (Practice) (129 Points)
Replied 05 December 2012

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)