What is the journal entry for allowed discount to sathish?
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Discount Allowed A/C. Dr. Rs.xx
To Sathish Rs.xx
(Being discount allowed to Sathish)
Discount allowed is debited because , it is a loss to the business.
Sathish is credited because his debt has decreased to the extent of discount allowed .
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journal entry for this will be
discount allowed a/c dr. *****
to Satish a/c *****
(being discount allowed to Satish)
when the business will allow discount then it will be debited and when it is received then it will be credited
discount allowed a/c dr. *****
to Satish a/c *****
(being discount allowed to Satish)
when the business will allow discount then it will be debited and when it is received then it will be credited
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