F.4Account---cash&trade discount

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MEN

2007-12-31 11:23 pm

2004
May 2 sold goods to Peter with a list price of $2000,subject to a trade discount of 25% and a cash discount of 2% if paid within 7 days.
6 Peter returns $1000 of goods to us at list price.We received a cheque from him in full settlement of his account.

1.prepare a sales and returns inwards Journal,
then trade discount擺 on S&RI Journal(less: 25% trade discount).
but how about cash discount????put it in Journal定 General ledger?
please tell me !!! thx

更新1:

What do u mean receivable? Besides,mingleung58,what do u mean:mary have send the answer to you soon ? Pls DO NOT answer if don't know.

回答 (3)

[匿名]

2008-01-05 3:57 am

✔ 最佳答案

In Sales Journal:

Date Details Amount
May 2 Peter(2000X75%) 1500

In Returns Inwards Journal:

Date Details Amount
May 6 Peter (1000X75%) 750

Dr. Bank[(2000-1000)X75%]X98% $735
Cr. Peter 735

Dr. Discounts Allowed[(2000-1000)X75%]X2% $15
Cr. Peter 15

For the discount in this case, it is "discounts allowed" as it is the amount allowing the customer not to pay. It should be recorded in the debit side of the "3-column cash book" in the "discount" column. For "2-column cash book", you just need to record it as shown above is okay and need not to record it in any journal.

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[匿名]

2007-12-31 11:44 pm

-----------------------------Dr---------- Cr
May2 Receivable ----1500
May2 Discount ------------------------ 500
May 2 Sales----------------------------2000

May 6 Return inward----1000
May 6 Receivable ---------------------- 750
May 6 Discount ------------------------250

May 6 Bank ------------------------------------------------------------730
May 6 Discount (cash discount 1000 x 2%) ------------------------------20
May 6 Receivable--------------------------------------------------------------------750

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[匿名]

2007-12-31 11:28 pm

mary have send the answer to you soon

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