Question

Discount allowed is loss of business true or false

Answer 1

Hey(^_-)

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True, discount allowed is the loss of business because allowed means giving to someone. So, discount is in the form of cash. Hence if cash is goes out from business than it is loss for the business..^_^⭐⭐❗

Thus, discount allowed means cash out from business and loss for the business.
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It is recorded on the debited side of profit and loss account at the end of accounting year...

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Answer 2

True.

Reason : It is recorded in the Profit and Loss A/C on the debit side along with other loses and expenses.