what is the difference between cash discount and trade
discount.
what is the journal entry for purchase of 100000 giving
(a) 5% trade discount
(b) 5% cash discount.
Answer Posted / sreejith as
At The time of purchase (@5% Trade Discount)
Purchase A/c.... Dr 9500
To Sundry Creditors A/c 9500
At The Time Of Payment Before Due (@5% Cash Discount).
Sundry Creditors A/c Dr. 9500
To Discount Received A/c 475
To Cash 9025
Is This Answer Correct ? | 10 Yes | 0 No |
Post New Answer View All Answers
What is statutory audit?
Explain the purpose of meeting in audit?
Why does a systems auditor need to use professional judgement when selecting audit procedures?
i need to pay around $90000 to Mr.R and the agreement clause says that any amount payable as tax are not included in the amount.So how much i need to deduct TDS...??
What is the mean of internal audit?
Explain different functions of internal audit?
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
How do you feel u contributed to its effectiveness?
why auditors are not true and faire statement of account
What do you find the most challenging in Accpuntant role
What are the essential of internal audit?
what are procedure we need to do at the time ACTO VISIT FOR AUDIT OF VAT .
Why you want to be a auditor?
What is caro 2004?
What Is Social Audit?