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December 1, 2023 at 6:12 am
Hello Sir. If in the question, there are more than 1 accounting year and if there is any accumulated profit/loss for previous years, then how do we account for same in the statement of profit or loss? Do we add any accumulated profit for previous years or substract it? And for any accumulated losses?
October 29, 2022 at 4:09 pm
this is good and helpful
August 29, 2022 at 1:00 pm
Sir, in the last settlement discount question, wouldn’t we record it as cash sale, Dr cash 100 Cr. Sales 100 Rather debiting to the receivables?
March 10, 2022 at 8:45 am
When it comes to figures with decimals, how do we recognize when to use decimals and when to just round it off to one whole number.
March 10, 2022 at 8:56 am
Also, does it matter if I just simply credit 5,000 into sales and debit 100 into a discount-allowed account which I then credit if the customer hasn’t paid within 10 days?
April 18, 2020 at 4:16 pm
Hi John, Thank you. Is prompt payment discount the same as what we learnt in previous chapters as cash discount? Would it be different if in example 2 it is not mentioned “customer is expected to take discount”. It is a bit confusing since we don’t record trade discount and what you have illustrated in example 2 is somewhat similar to trade discount wherein we aren’t recording it initially.
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