|Earlier article on discount allowed and discount received refers.
Accounting Double Entry for
Debit : Discount Allowed Account
Credit: Debtor’s Account
Subsequently, discount allowed will be credited and charged to the Profit & Loss Account/Income statement.
Debit: Creditor’s Account
Credit: Discount Received Account
Subsequently, discount received will be debited and the Profit & loss account/Income statement is credited.
ABC’s books show the following transactions relating to discounts:
Jan 1 Received from Mr. D $20,000 discount allowed by ABC $200
Jan 5 Paid Mr E $30,000, discount received from Mr E $300
ABC closed its book on a monthly basis.
Ledgers as follow:
DEBTOR- Mr D
DISCOUNT ALLOWED ACCOUNT
CREDITOR- Mr E
DISCOUNT RECEIVED ACCOUNT
January 23rd, 2011 Comments off
May 15, 2013
- In Personnel Management, explain what is 360-degree feedback and give the advantages and any pitfalls of this type of feedback?
May 16, 2013
- In Personnel Management,do you think that labour turnover has any advantages to an organization? List a few potential advantages
May 17, 2013
May 21, 2013
- In an organization, briefly explain the benefits or advantages and disadvantages of decentralization
May 25, 2013
- What are the advantages and disadvantages of using Stock Financing from the viewpoint of the Corporation