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What is the entry for Discount Received? & What is the
entry for discount paid?
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Answer Posted / radhu
discount received is a gain of a party so it will be
credit and discount paid is a loss so it will be debited.
entry:-
discount received:-
cash a/c dr.***
to party's a/c ***
to discount received a/c ***
(being discount received)
discount paid:-
pary's a/c dr. ***
discount allowed a/c dr. ***
To party's a/c ***
(being discount allowed)
| Is This Answer Correct ? | 6 Yes | 7 No |
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