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what is the journal entry for purchase bill discount
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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 |
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 |
Answer / vikas raturi
Purchase A/c Dr.
Cr. Discount received
Cr. Cash/Bank/Party Name
| Is This Answer Correct ? | 29 Yes | 1 No |
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 |
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 |
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 |
Answer / farooq
Purchase Dr 10000
Disc Received 1000
A/payable 9000
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / ashamanju
DISCOUNT ON PURCHASE IS INCOME SO INCOMES ARE ALWAYS
CRIDIT
| Is This Answer Correct ? | 12 Yes | 0 No |
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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2. You are required to prepare a Profit & Loss Account for the year ending 31st December, 2007 and the Balance Sheet on that date. The Trial Balance of XYZ Ltd. for the year ended 31st December 2007 is as follows:- Trial Balance of XYZ Ltd. as on 31st Dec. 2007 Debit Balances Rs. Credit Balances Rs. Materials used 3,50,000 Sales(including 2% Sales tax) 9,18,000 Cost of Labour 1,50,000 Sale of Scrap 100 Stock, finished and work in process on 31st December, 2006 50,000 Rent received 2,000 Wages : Factory Staff 15,000 Discounts 2,750 Directors Remuneration 50,000 Recovered against fire claim re : Stock 5,000 Salaries : Clerical Staff 75,000 Capital : Equity 25,000 Insurances : Workmen’s Compensation 1,500 Preference- 9% 8,000 General, fire etc. 2,000 Creditors 1,56,000 Directors’ Life Insurance 1,500 Provision for Taxation 1,05,000 Maintenance : Buildings 1,000 Profit & Loss Account 13,750 Plant and Machinery 12,500 Rent and Rates of premises and hire of plant 20,000 Heat, Light and Power 15,000 Experimental and Laboratory Expenses 10,000 Canteen Expenses 5,000 Staff Welfare expenses 2,500 Motor Expenses 12,500 Professional Charges 2,800 Postage and Telephone 3,500 Books, Printing and Stationery 11,000 Sundry expenses 10,000 Carriage and Packing on Sales 3,300 Discounts 5,000 Debtors 1,78,000 Freehold Property 50,000 Plant and Machinery 12,500 Fixtures and Fittings – Offices 3,500 Office machinery and Equipment 3,000 Motor Car and Van 6,500 Stock of materials on 31st Dec. 2007 1,20,000 Bank 38,000 Sales Tax Paid 15,000 12,35,600 12,35,600 Depreciation is to be provided at the following rates: Plant and Machinery 10% Fixture and Fittings 05% Office Machinery, etc. 10% Motor Vans and Cars 25% The stock of finished goods and work in progress as on 31st December, 2007 was Rs. 35,000. Provide for preference dividend and ordinary dividend at 10%. The total taxation liability is estimated at Rs.1,50,000 of which Rs. 75,000 relates to the current year. Debtors include Rs. 10,000 deposited as security against government contracts. The Works Manager is paid partly by salary and partly by a commission; he is entitled to a commission of 5% on the amount by which the surplus in the factory cost exceeds 20% of the sales for the period. Charge the commission if any in the Profit and Loss Account.
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