what is the journal entry for dicount recieved and discount allowed??please explain...thanks....
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Discount allowed A/c Dr.
To Debtor's A/c
here discount allowed is an expense, hence dr.,
Debtor's,being an asset is decreasing hence Cr.
and.
Creditor's A/c. Dr.
To Discount Received A/c
a reverse to last entry is in this one
To Debtor's A/c
here discount allowed is an expense, hence dr.,
Debtor's,being an asset is decreasing hence Cr.
and.
Creditor's A/c. Dr.
To Discount Received A/c
a reverse to last entry is in this one
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