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what will be the entry for credit purchases with discount
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Answer Posted / pankaj kr. jangir
PURCHASE A/C DR.
TO SUPPLIER A/C CR.
TO DISCOUNT A/C CR.
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Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same
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