Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2015
Dear All,
please suggest me about a Journal entry Given Below
I am A FMCG Distributors (Debtors) of Hindustan uniliver Ltd.
Now We have given some discount to our debtors..
and that money will reimburse By hindustan uniliver ltd..
then should we show it under others incomes or Anything else ?
Please suggest me.
please suggest me about a Journal entry Given Below
I am A FMCG Distributors (Debtors) of Hindustan uniliver Ltd.
Now We have given some discount to our debtors..
and that money will reimburse By hindustan uniliver ltd..
then should we show it under others incomes or Anything else ?
Please suggest me.
16 October 2015
You can show it as discount given on sales under expenses and discount received on purchases under income.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2015
thanks Sir,
is there any options that we can show it under current liabilities as payable and then et off this through Journal Voucher.
is there any options that we can show it under current liabilities as payable and then et off this through Journal Voucher.
16 October 2015
Option1.
FirSt u give discount to ur debtors hence it is an expense for u , so book it as an expense. When u receive discount u can either credit the same discount a/c above or credit it in other income A/c
option 2.
Pass the following JV for the amt of discount to be re-imbursed by HUL
HUL A/c Dr 100
To Debtor A/c 100
In this way it will neither be ur income nor your expense.
FirSt u give discount to ur debtors hence it is an expense for u , so book it as an expense. When u receive discount u can either credit the same discount a/c above or credit it in other income A/c
option 2.
Pass the following JV for the amt of discount to be re-imbursed by HUL
HUL A/c Dr 100
To Debtor A/c 100
In this way it will neither be ur income nor your expense.
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