Question

what is the place of discount on purchases in final account​

Answer 1

Explanation:

When a business purchases goods on credit from a supplier the terms will stipulate the date on which the amount outstanding is to be paid. In addition the terms will often allow a purchase discount to be taken if the invoice is settled at an earlier date.

The purchase discount is based on the purchase price of the goods and is sometimes referred to as a cash discount on purchases, settlement discount, or discount received.

Purchase Discount Example

For example, if a business purchases goods to the value of 1,500 on 2/10, n/30 terms, it means that the full amount is due within 30 days but a 2% purchases discount can be taken if payment is made within 10 days.

Answer 2

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