Question

Discount allowed is types of loss or expenses
with explain give me answer​

Answer 1

Answer:

Discount allowed is expense

All expenses and losses are

debited as per Accountancy Principle-These items are of

nominal alc

Answer 2

1. Debit Purchase account and credit cash account.

Rule Applicable: – Debit increase in expense or an asset. Credit decrease in assets.

2. Debit Cash account and credit sales account.

Rule Applicable: – Debit Increase in assets. Credit Decrease in revenue or assets.

3. Debit Expenses account and credit cash/bank account.

Rule Applicable: -Debit Increase in expense. Credit Decrease in assets.