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What is the entry for Discount Received? & What is the
entry for discount paid?
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Answer / sajeer
mr pradeepkumar u r wrong.if u dont know about the basic
of accounts, pls do not post answer like this.this will be
misunderstood by many biginners who looks this site.
discount recieved is an income so it should be credited.
discount allowed is an exp so it should be debited
so here
discount received:
party(creditors) a/c......dr
to discount received
to cash/bank
DISCOUNT ALLWED
CASH/BANK A/C...............DR
DISCOUNT ALLOWED A/C.........DR
TO PARTY
| Is This Answer Correct ? | 130 Yes | 10 No |
Answer / deepika
Discount received
Party Account Dr.
To Bank A/c
To Discount Received A/c
Discount Paid
Bank Account Dr.
Discount Account Dr.
To sales
| Is This Answer Correct ? | 79 Yes | 36 No |
Answer / khazi raza mohammed
for discount recived
Cash A/c Dr 1000
to discount recived 1000
for discount paid
Discount paid a/c dr 1000
to cash a/c 1000
| Is This Answer Correct ? | 39 Yes | 14 No |
Answer / khazi raza mohammed
Entry for discount received
Cash a/c Dr xxxx
to discount received xxxx
(credit all incomes and gains)
Entry for Discount paid,
Discount paid a/c Dr xxxx
to Cash xxxx
(Debit all expenses and losses)
nominal rule applies.
| Is This Answer Correct ? | 23 Yes | 5 No |
Answer / prasanna.j.s
Sundry Crs 1000
To cash / bank 900
To discount recd. 100
| Is This Answer Correct ? | 8 Yes | 3 No |
Answer / anant
1) Discount Received
Party A/C Dr
To Discount Received A/C
To Bank A/c
2) Discount Allowed
Bank A/c
Discount Allowed A/c
To Party A/c
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / rohit
for discount paid
discount paid is indirect expenses
Discount paid DR
party CR
for dis received
is indirect income
dis received CR
Party DR
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / kavita sharma
1) If we do entry for discount received
Then,
Creditors A/c Dr
To Discount Received A/C
2) If we do entry for Discount Allowed
Then,
Discount Allowed A/c Dr.
Party A/c Cr.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ansar
discount received like we purchase any any they give any discout like discount receive so for entry
received the material dr 600
discount received cr 100
cash cr 500
discount allowed we sale any goods to customer ( we allowed some discount)
received the cash or bank dr 500
discount allowed dr 100 (loss) also debit
sale cr 600
| Is This Answer Correct ? | 5 Yes | 5 No |
Answer / pradip
for ricieved
cash a/c...........dr
to discount a/c
for paid
discount a/c....dr
to cash or bank a/c
| Is This Answer Correct ? | 3 Yes | 3 No |
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A firm had the following Balances on 1 January 1994: (i) Provision for bad and doubtful debts Rs 2,500 (ii) Provision for discounts on debtors Rs 1,200 (iii) Provision for discounts on creditors Rs 1,000 During the year, bad debts amounted to Rs 2,000, discounts allowed were Rs 100 and discounts received were Rs 200. During 1995 bad debts amounting to Rs l,000 were written off while discounts allowed and received were Rs 2,000 and Rs 5,000 respectively. Total debtors on 31 December, 1995 were Rs 48,000 before writing off bad debts, but after allowing discounts. On 31 December, 1995, this amount was Rs 19,000 after writing off the bad debts, but before allowing discounts. Total creditors on these two dates were Rs 20,000 and Rs 25,000 respectively. It is the firm’s policy to maintain a provision of 5% against bad and doubtful debts and 2% for discount on debtors and a provisions of 3% for discount on creditors. Show the accounts relating to provisions on debtors and provisions on creditors for the year 1994 and 1995.
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