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Answer Posted / manohar
discount received assuming it is not cash discount is
credited to the P&l as income. However, depending upon the
nature of discount it can either be reduced from the cost
of the purchases or treted as other income. for example
discounts received by a retailer of certain goods like
electrinic items or beaverages like coca cola should go to
reduce the cost of purchases in order to reflect the true
cost goods sold.
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