0
What will be the journal entry of this transaction. Discount received from a customer for Rs200 enterd in bank column of cash book errornously?
Wiki User
∙ 11y ago
Debit - Discount received 200
Credit -customers account 200
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What is the difference between discount allowed and discount 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
What is the difference between discount allowed and discount received and their accounting treatment?
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
What is the journal entry of discount received?
Dr cash/bank Cr discount received
Is discount allowed and discount received are same as credit note issued and credit not 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
What is meant by paper transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
Discount received from the supplier or allowed to customer for making the early payment of due is termed as..?
Trade Discount
Provision for discount allowed and discount received?
provision for discount received
What is the difference between discount allowed and discount 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
What is the difference between discount allowed and discount received and their accounting treatment?
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
How was the value received and parted without transaction?
transaction for material
What is the journal entry of discount received?
Dr cash/bank Cr discount received
What is meant by transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
What is meant transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
Is discount allowed and discount received are same as credit note issued and credit not 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
What is meant by paper transaction?
paper transaction is the transaction against which on credit or cash received or paid it is just in papers
Distinguish single and double entry system?
Single entry records only one aspect of transaction, such as:- - Cash received from sale is recorded in cash register only- - Goods sold on credit are recorded in the individual's account only- - When cash is received from the customer, to whom the something was sold on credit, the receipt may be just recorded in the account of individual onlyDouble entry records both aspects of transaction, such as:- - When good are sold on cash the two aspects of the transaction are - the seller has sold goods and received cash against them. The goods sold are benefit transferred to the purchaser (Credit) whereas the cash received if the benefit against the goods sold (Debit).- - When the goods are sold on credit the benefit given is the same i.e. goods sold but the benefit received is not cash but a right to receive cash from the customer. Therefore, in this case Debit is given to customer's account (account receivable) instead of cash.- When cash is received from the customer the right to receive cash ceases. So, the benefit received is cash and benefit transferred is the right to receive cash. Here cash will be debited and customer will be credited.
Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
