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Cash Settlement Disc. received

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Cash Settlement Disc. received

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • June 2, 2021 at 12:22 pm #622771
    Kung4u62
    Member
    • Topics: 3
    • Replies: 1
    • ☆

    When we receive Cash/settlement discounts,
    Dr….Trade Payables.
    Cr….Disc. Received (SOPL – impact is on GP or on Net Profit )

    How we show it in SOPL ?? In BPP & Kaplan it says – ” Purchases less Cash Discount Rec “(showing impact on GP) but no detail given. Again in BPP chapter summary it says :”Cash/settlement discounts received are included as ‘other income’ of the period”

    My query is : If it’s Other Income how is it adjusted against COS.

    June 2, 2021 at 4:07 pm #622799
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    They should be shown as ‘other income’ after the gross profit.

    (However this is unlikely to be relevant in the exam since you cannot be asked to prepare a full SOPL 🙂 )

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