Question

Discounts received are
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Answer 1

Answer:

Discount received is a cash discount received while making payment to the seller on purchase of goods. It is an income and fall under Nominal Account

Explanation:

Answer 2

Discounts received.

EXPLANATION:

• Discount received, is a reduction offered for early compensation.
• Firms, in particular whilst dealing business-to-enterprise, will buy and sell on credit score.
• Rather than making charge at the time of buying.
• The discount received is a profit for the purchaser.
• Hence, the balance of the discount received account is shown on the credit score side.
• Discount received acts as a benefit for the commercial enterprise and is proven on the credit score aspect of a profit and loss account.
• Trade bargain is not shown in the major economic statements, but coins discount and other kinds of discounts are shown in books of bills.
• A discount received is the opposite situation, wherein the customer of goods or services is granted a reduction with the aid of the seller.