credit.Yes it is an income. It will be posted in the credit side of the profit and loss account.Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
discount allowed means the discount which is given by a seller to the buyer. and discount received means the discount received by the seller for purchases made
Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.while discount allowedDebit discount allowedCredit cashwhile discount receivedDebit cashCredit discount received
Basically, incomes and expenditures that take place regularly, as opposed to capital income and expenditure. Salaries, Rent, Printing and Stationary are examples of Revenue Expenses. Discount allowed, Rent received etc, are examples nof Revenue Incomes
A sales discount account is a contra-revenue account.
Dr cash/bank Cr discount received
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
provision for discount received
Discount allowed is an expense,take an example if one makes a cash sale and offers a cash discount,it reduces the cash paid and thus accounted for as an expense,a Discount received is treated as a revenue because take an example if one buys goods and pays cash and the person selling grants a discount,it reduces the amount paid and thus an added revenue,the difference on what i paid and what was ought to be paid,its always given in percentage,with set conditions.Types of discounts can be trade or cash both allowed and received.
discount allowed means the discount which is given by a seller to the buyer. and discount received means the discount received by the seller for purchases made
Discount allowed is that amount which is given by our company to others while discount received is that amount which is received by our company from others.while discount allowedDebit discount allowedCredit cashwhile discount receivedDebit cashCredit discount received
Basically, incomes and expenditures that take place regularly, as opposed to capital income and expenditure. Salaries, Rent, Printing and Stationary are examples of Revenue Expenses. Discount allowed, Rent received etc, are examples nof Revenue Incomes
A sales discount account is a contra-revenue account.
Yes, at the end of the year you take the difference between the interest revenue gained and what would have been gained if the investment had the present value interest. For a discount, the difference will be credited against the discount received.
It is a source of income/revenue.
Dr cash/bank Cr discount received
no because the discount allowed and discount received are totally diffrent and has no link with each other where as if credit note is not issued than it cant received even
profit in a company this is increase in revenue received by the company. profit in a company this is increase in revenue received by the company.