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what is the journal entry for purchase bill discount

Answer Posted / 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

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