What is general entry credit purchase with discount?
Answer Posted / babita sharma
Purchase A/c Dr. 5000
To Party name Cr. 4000
To Discount Received Cr. 1000
Discount head creat indirect income head.
Is This Answer Correct ? | 4 Yes | 2 No |
Post New Answer View All Answers
Compare financial accounting and cost accounting.
What all are the documents need to check for a supplier payment?
how to individual capital account.
In the balance sheet, where do you show tds?
M/s ABC Brothers, which was registered in the year 2000, has been following Straight Line Method (SLM) of depreciation. In the current year it changed its method from Straight Line to Written Down Value (WDV) Method, since such change would result in the additional depreciation of Rs. 200 lakhs as a result of which the firm would qualify to be declared as a sick industrial unit. The auditor raised objection to this change in the method of depreciation. The objection of the auditor is justified because (a) Change in the method of depreciation should be done only with the consent of the auditor (b) Depreciation method can be changed only from WDV to SLM and not vice versa (c) Change in the method of deprecation should be done only if it is required by some statute and change would result in appropriate presentation of financial 6 statement (d) Method of depreciation cannot be changed under any circumstances
Explain me some of the examples for liability accounts?
what is a grn in terms of accounting ? what is a grnthroughpo in terms of purchase order? what is a direct grn?
what is difference between budgeting and Forecasting
What is the Technology used to carry out trades? Pls Tell me as early as possible.
What is the definition(meaning) for the Final accounts adjustment 'Uninsured goods lost fire'?
What is accounting
What do we mean by purchase return in accounting?
what is core accounting?
Can a firm claim preliminary expenses incurred(manufacturing) or only its is applicable to Companies? can a firm claim ,1/5 of such expenses incurred as deduction as in case of Companies? or any other procedure.
How i should sellone the mobile phone when interviewer will ask sell this phone to me?