Dr cash/bank
Cr discount received
Debit - Discount received 200 Credit -customers account 200
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
Debit cash / bankCredit discount allowed
debit bank 48650debit cash discount 2000Credit porter 50650
Debit - Discount received 200 Credit -customers account 200
no entry when invoices received, journal entry made when transaction occured and not when invoices received.
There is no journal entry for bill received rather journal entry is made when bill is actually paid or when utility is actually utilized.
[Debit] Cash[Credit] Discount earning
Purchase A/c Dr . Dis. Received A/c dr to Supplier A/c cr
Debit cash / bankCredit discount allowed
debit bank 48650debit cash discount 2000Credit porter 50650
Debit purchasesCredit cash / bankno entry for trade discount and in case of cash discount:Debit purchasesCredit cash / bankcredit discount
CASH A/C DR DISCOUNT A/C DR TO SWATHI A/
debit cashdebit discount chargescredit notes payable account
There is no journal entry when equipment rented out to somebody as there will be entry when actual rent received.
Cash discount is expenses of trading account but this is not an expenses just like a scheame on spot given to the purchaser. So no seprate discount entry need in journal. just reduce discount amount in total value and entry it.