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Journal Entry of Discount Received




Discount received  is the gain of business. If we  will pay our creditor before the time, we will earn discount. One side it is the part of our earning, second, we can fastly pay our creditor due to this motive. So, we received the discount, we pass following journal entry.

Suppose Sham has bought goods from Ram on Credit of Rs. 50000 on 1st jan. 2014 and it is the term of agreement that if Sham pays within 20 day of this purchase, he can receive 10% discount. Sham paid on 17th Jan. 2014 then Treat  discount received  in day book of Sham.



Day book of Sham


1st Jan. 2014 

Purchase Account Dr. 50000

Ram Account Cr. 50000

17th Jan. 2014

Ram Account Dr. 50000

Bank Account Cr. 45000

Discount Received Account Cr. 5000



Category : List of Journal Entries 

COMMENTS

: 2
  1. What is the journal entry of
    Paid to ram (he allowed disc.)

    ReplyDelete
  2. Amount paid to Ramesh Rs 19,000 by cheque and recieved discount Rs 1000. Plz solve soon it plz

    ReplyDelete
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Accounting Education: Journal Entry of Discount Received
Journal Entry of Discount Received
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