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What will be JV of if gets discount received from my
vendors and as well as I allowed discount to my customer?
What will be the journal entry in these both cases. Pls.
give the answer, it's urgent.

Question Posted / addie_84

Answers were Sorted based on User's Feedback



What will be JV of if gets discount received from my vendors and as well as I allowed discount to ..

Answer / sunder singh

IN CASE OF VENDOR:

VENDOR A/C DR.
TO DISCOUNT A/C

IN CASE OF CUSTOMER : IF IT IS ALSO RELATED TO SALES

SALES REVENUE A/C DR.

TO CUSTOMER A/C

Is This Answer Correct ?    6 Yes 0 No

What will be JV of if gets discount received from my vendors and as well as I allowed discount to ..

Answer / sajjad1

Jv in Case diccount Received from Vendor

Vendor A/C Dr
Discount On Purchase Cr

Jv in Case Dicount to Customer
Dicount Allowed Dr
Customer A/c Cr

Is This Answer Correct ?    5 Yes 0 No

What will be JV of if gets discount received from my vendors and as well as I allowed discount to ..

Answer / seema

Jv of getting discount from the vendor

Vendor's A/c Dr

To Discount & Schemes A/c.

JV of discount allowed to the customer

Discount & Schemes A/c Dr.

To Customer A/c.

Is This Answer Correct ?    2 Yes 0 No

What will be JV of if gets discount received from my vendors and as well as I allowed discount to ..

Answer / s k gupta

In the case of discount received from my vendors

Vendors A/c Dr.
To Discount Received A/c Cr.

If I allow to my Customer Than---

Discount Allowed A/c Dr.
To Customer A/c Cr.

Is This Answer Correct ?    3 Yes 2 No

What will be JV of if gets discount received from my vendors and as well as I allowed discount to ..

Answer / kannan

in case of discount received- happens when purchase involved

purchase a/c Dr
discount received a/c Dr
To vendor A/c

in case of discount allowed- happens when sales involved

vendor A/c Dr
To discount allowed
To Sales

Is This Answer Correct ?    1 Yes 0 No

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