Journal entry for discount recievable from supplier

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755 Points Joined November 2011

Hi all,

Could anyone tell me what would eb the JE for Discount Recievable from a supplier and also the JE once the discount is actually recieved.

Mohit

 

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On 17 May 2012 at 17:04 Report
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u can't pass discount recd JV in advance because as per principle of conservatism u can't predict income in advance but u have to charge probable losses .so in your case u have to only pass entry of discount recd

PURCHASE A/C....DR    100

    TO PARTY(CREDITORS)        80

    TO DISC.RECD                        20

 

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On 17 May 2012 at 17:42

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