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I read in books that discount received is not a trading policy, but a financial policy.
I want to ask whether it is same for discount allowed or different? As no clear statement I have been gone through for discount allowed to customer.A trade discount is a trading policy. A discount for early payment is a financial policy.
However this is not likely to be relevant for Paper FA. What is tested in Paper FA are the entries for discounts (which are different between discounts received and discounts allowed, as explained in my free lectures).
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