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what is the journal entry for purchase bill discount

Answers were Sorted based on User's Feedback



what is the journal entry for purchase bill discount..

Answer / narasimha rao

YOU PURCHASE TV DISCOUNT RATE IS 10% COST IS 10000 WHEN
ENTRIES


PURCHASE A/C DR 10000
TO DISCOUNT ON PURCHAS A/C 1000
CASH A/C 9000


DISCOUNT ON PURCHASE IS INCOME SO INCOMES ARE ALWAYS
CRIDIT

Is This Answer Correct ?    99 Yes 3 No

what is the journal entry for purchase bill discount..

Answer / jubilee

cost 10000 disc is 1000 thn:

Purchase 10000
to party/cash/bank 9000
to discount 1000

Is This Answer Correct ?    45 Yes 3 No

what is the journal entry for purchase bill discount..

Answer / vikas raturi

Purchase A/c Dr.
Cr. Discount received
Cr. Cash/Bank/Party Name

Is This Answer Correct ?    29 Yes 1 No

what is the journal entry for purchase bill discount..

Answer / neeraja.m

purchase a/c dr
discount received a/c cr

Is This Answer Correct ?    27 Yes 3 No

what is the journal entry for purchase bill discount..

Answer / aashish salecha

01. On discounting of purchase bill
Party a/c Dr
To Bill Disvounting a/c

02. Payment of bill on expiry of discounting period
Bill Discounting a/c Dr
To Bank a/c

Is This Answer Correct ?    29 Yes 10 No

what is the journal entry for purchase bill discount..

Answer / rajesh

Below is few Journal Entries for Purchase Bill
discount .there are 2 types of entry can make

1) DR XXX ( Party name )
CR Discount Recd

2) Dr XXX ( Party Name )
Cr Purchase A/c

Is This Answer Correct ?    27 Yes 10 No

what is the journal entry for purchase bill discount..

Answer / arun kumar

Purchase A/c Dr
To Cash/bank A/c
To Discount received A/C
(Being discount received on Purchases)

Is This Answer Correct ?    21 Yes 5 No

what is the journal entry for purchase bill discount..

Answer / farooq

Purchase Dr 10000

Disc Received 1000
A/payable 9000

Is This Answer Correct ?    13 Yes 1 No

what is the journal entry for purchase bill discount..

Answer / ashamanju

DISCOUNT ON PURCHASE IS INCOME SO INCOMES ARE ALWAYS
CRIDIT

Is This Answer Correct ?    12 Yes 0 No

what is the journal entry for purchase bill discount..

Answer / navjeet singh

Entry:

Purchase A/c Dr.
To Discount Received A/c
To Cash A/c

*Debit is all expenses & losses implies purchase is debited.
*Credit is all gains & incomes implies discount received is credited.
*Credit what goes out implies cash is credited.

Is This Answer Correct ?    4 Yes 1 No

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