Sales Bill Discounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 November 2009
What are the entries which are to be passed when:
1. We go for bill discounting with a bank for our receivables.
2. The payment by the debtor is on time
3. When the same is delayed from the committed time
Regards
1. We go for bill discounting with a bank for our receivables.
2. The payment by the debtor is on time
3. When the same is delayed from the committed time
Regards
03 November 2009
Suppose you are maintaining a current a/c in the SBI and selling your goods to ABC Limited, now you have discounted the bills from the SBI.
Then following entirs will be passed.
When bills are discounted
SBI C/A Dr.
To SBI Vendor Financing A/c
When payment is given on due date by customers
SBI Vendor financing A/C
To ABC Limited A/C
When payment is not given on due date.
SBI vendor financing a/c
To SBI Current A/c
Suppose you are maintaining a current a/c in the SBI and selling your goods to ABC Limited, now you have discounted the bills from the SBI.
Then following entirs will be passed.
When bills are discounted
SBI C/A Dr.
To SBI Vendor Financing A/c
When payment is given on due date by customers
SBI Vendor financing A/C
To ABC Limited A/C
When payment is not given on due date.
SBI vendor financing a/c
To SBI Current A/c
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 November 2009
what is the treatment for the bill discount charges charged by bank and interest on late payment by the debtor?
04 November 2009
When interest is deducted on bills discounted by SBI
Bank Interest a/c Dr.
To SBI C/A A/c
When on due date payment is not given by purchaser and interest is charged by bank
ABC Ltd. A/c
To SBI C/A A/C
Bank Interest a/c Dr.
To SBI C/A A/c
When on due date payment is not given by purchaser and interest is charged by bank
ABC Ltd. A/c
To SBI C/A A/C
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