Question

pass the closing entry for discount received​

Answer 1

Answer:

Accounting for the Discount Allowed and Discount Received

The entry to record the receipt of cash from the customer is a debit of $950 to the cash account, a debit of $50 to the sales discount contra revenue account, and a $1,000 credit to the accounts receivable account.

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Answer 2

closing entry for discount received​

Explanation:

For Closing entry for discount Received

First we have to Understand the Nature of Discount Received

Discount Received is Nominal in Nature

and All Nominal Account are transferred to Profit & Loss or Trading for their closing

Profit & Loss Records Indirect Income & Indirect expenses

whereas Trading Records Direct Income & Direct expenses

When we Received Discount , it will be credit in nature

According to Nominal Account Rule , that is

All expenses and losses will be Debited

All Income, gain & Revenue will be credited

Now main concept of this Question is

Discount Received becomes Credit during received

But When Close it, we reversed its Aspect that is Debit so that it transferred to Profit & Loss

the entry will be

When discount received are closed​

Profit & Loss A/C    Dr.

       To   Discount Received A/C

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