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What else can I help you with?
Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
Why you debit discount allowed?
because you credit bank/cash and therefore you debit discounts allowed, cause you're giving the money, bro.
What is sundry creditors on debit and credit side?
middle
How do you pass journal entry for discount allowed?
Debit cash / bankCredit discount allowed
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
Does discount allowed have a debit or credit balance in the ledger balance?
Discount allowed is debit
Why you debit discount allowed?
because you credit bank/cash and therefore you debit discounts allowed, cause you're giving the money, bro.
When a cheque receive from a and dicount allowed at same day then entry will be?
Debit discount allowed and credit purcahses
Is sales discount a debit or credit?
Credit
What is sundry creditors on debit and credit side?
middle
How do you pass journal entry for discount allowed?
Debit cash / bankCredit discount allowed
What is the journal entry for earned discount?
[Debit] Cash[Credit] Discount earning
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
What type of account is the sundry creditors?
sundry creditors is a personal account. the rule applying would be debit the reciever, credit the giver
Can creditors account have debit balance?
creditors have debit balances as advances receive from creditors..........
Journal entry for credit purchase?
[Debit] Purchases[Credit] Accounts payable
What is the journal entry when cheque issued to creditors is dishonoured?
[Debit] Bank account xxxx [Credit] Accounts payable account xxxx
