Bill discounting
This query is : Resolved
29 September 2008
What is the accounting entry for discounting of bill?
29 September 2008
Bank a/c Dr
Discounting charges Dr
To Bills Finance availed
Discounting charges Dr
To Bills Finance availed
29 September 2008
if it is sundry debtor a/c then dr discout and credit sundry debtor.kindly issue credit note to the customer and reason for discounting there should be proper written communication between you and your customer
29 September 2008
It is not adviseable to give credit to the debtors account if Hundies are not drawn and accepted by debtors.
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