what will be the journal entry-discount rs 2000 allowed to
mr x.and discount received rs 2000 from mr x.actually i am
confused that in the first entry both discount a/c and mr x
a/c will be credited as per the accounting standards.please
help experts.thanks
Answers were Sorted based on User's Feedback
Answer / vijay
DISCOUNT RECEIVED A/C DR 2000
TO DISCOUNT ALLOWED A/C 2000
(BEING DISC. RECEIVED CANCELLED WITH DISC. ALLOWED)
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / kalpana marpalli
Cash a/c dr 2000
To discount received a/c 2000
Being discount allowed received back in the form of cash so, Mr.X cannot be shown in the entry.)
Is This Answer Correct ? | 0 Yes | 1 No |
example wrongly financial statments showing vat refund (under Advances) for the finanical year 08-09 , but present assement year after assement by cto given vat refund more than ledger showing balance then decided to every month set off vat payable to vat refund(advance) but more than recoverd compare with company and cto then what is the entry to be take.
WHAT IS ENTRY WHEN WE PURCHASE MATERIAL FROM PUNJAB PARTY AND DONE JOB WORK ON THESE MATERIAL FROM HARYANA PARTY. PUNJAB PARTY SEND THIS MATERIAL DIRECTLY TO HARYANA PARTY FOR JOB WORK INSTEAD OF US.AND HARYANA PARTY SEND THIS MATERIAL TO US. MY COMPANY SITUATED IN HARIDWAR. WHICH FORM ISSUE IN THIS TRANSACTION.PLS GUIDE ME.
what is cash on account?
What is meant by Deferred Asset?
What is the purpose of preparing BRS? What are the uses?
when a customer buys a good. we have to debit bank and credit inventory equaly. but wouldnt selling a good make a profit?
why are the company hire you.
what's mean of capital reserve and reserve capital
What is account receivable?
Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, Can somebody please tell that what will be the accounting entry from auditor's point of view, If a company receive a bill of Rs. 12000 for AMC of Software for the period from 01.08.2014 to 01.08.2015. bill dated 01.05.2015, what will be entry pass in 01.05.2015 in tally
What is the difference between Target and Budget?
any example should cover all three types of accounts in one entry