Question

No entry is made in the book of account of

Answer 1

Answer:

The general ledger is not considered a book of original entry, if it contains summarized entries posted to it from one of the underlying accounting journals. However, if transactions are recorded directly into the general ledger, it can be considered one of the books of original entry.

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Answer 2

Complete question

No entry is made in the books of accounts of :

A. Trade Discount

B. Cash Discount

C. Discount Allowed

D. Discount Received

Answer:

A. Trade account is the correct answer. No entry is made in the books of accounts of Trade Discount.

Explanation:

• Manufacturers often broaden product catalogs for distributors, retailers, and different resellers.
• The prices of the goods may be protected in those product catalogs.
• When a reseller agrees to shop for a widespread amount of a product, the producer lowers the marketed price.
• It's an exchange discount. Trade reductions are often granted due to robust producer-consumer ties or massive transactions.
• In GST legislation, there may be no difference between exchange and cash discounts.
• If a discount seems on the invoice, it can be subtracted from the taxable fee of the items supplied.

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