Dhaval
(Industrial Trainee)
(142 Points)
Replied 04 December 2012
Purchase account would be debited by 38000 and packing account would be debited by 2000. 40000 would be credited to respective creditor or bank a/c.... reason for not accounting trade disc is that we record only cash discount in the book of accounts.
HOPE MY ANSWER WAS HELPFULL TO U...
vishnu
(articles )
(161 Points)
Replied 04 December 2012
guys i was confused regarding how this entry should be dealt in tally but not simply a journal entry
is the following procedure correct or not :
PURCHASE -- purchase voucher - debitting all items with its invoice value (purchases) , packing
crediting creditor and discount received
PAYMENT - CREDITOR A/C dr
to bank
im confused of recording that discount.....
techplc
(B.Com)
(29 Points)
Replied 04 December 2012
| Originally posted by : satish kumar | ||
 |
purchase a/c DR. 38000 Packing A/c DR. 2000 to Sundry Crediotr/ Bank 40000 however you need to reflect the trade discount as the invocie raised will be showing purchase at 71310/-, less trade discount as 33310... |
 |
I completely agree with you friend...
sandeep
(student)
(188 Points)
Replied 05 December 2012
CA Rajneesh Dixit
(Practice)
(129 Points)
Replied 05 December 2012
I Hope your query would have been resolved, Further If not then make 2 entries with the following Narration to reflect Trade Discount effect in books.
Purchase (Item Name) A/C Dr. 38000
Packing Charges A/C Dr. 2000
To Party 40000
(Being Goods Purchased for Rs. 38000.00 after Trade discount for Rs. 33310 recieved. Packing Charged Rs 2000.00 paid on goods Purchased)
Party Dr. 40000
To Bank A/C 40000
(Being Payment made for the purchases)
Gopal Sengar
(CA STUDENT)
(531 Points)
Replied 06 December 2012
dear Vihari
I got ur Point
this is a practical Problem With Tally
in Case
Discounted Purchase A/c dr. 38000
Packing 2000
to Creditor 40000
(In Narration 71310-33310= 38000) Trade Discount 33310
Any Clarification Feel free to Call my No. 09891283554
CAclubindia
