Discounts

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May 8, 2014 at 2:37 pm #167917
Mona
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what is the double entry for Discount received?
May 8, 2014 at 2:56 pm #167922
John Moffat
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Debit Payables (to reduce the amount owing)
Credit Discount Received

Payables obviously appear in the Statement of financial position.
Discount received appears in the Statement of profit or loss.

You are welcome!
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