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what will be the entry for credit purchases with discount
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Answer Posted / raghvendra.singh521
credeit pur a/c dr
discount a/c dr
to party name
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Please help me in this entries Pass accounting entries for the following transaction in the books of XYZ company. A rendered professional service to company XYZ and sent an invoice dated 01/01/2016 for Rs 1,00,000/- + service tax Q1. Pass journal entry for the invoice received considering the service tax and TDS. Q2. Payment was made on 01/02/2016 by cheque. Pass payment entry.
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