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discounts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › discounts

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by John Moffat.
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  • July 20, 2016 at 4:34 pm #328027
    adarsh1997
    Participant
    • Topics: 629
    • Replies: 278
    • ☆☆☆☆

    Your organisation sold goods to P for $800 less trade discount of 20% and cash discount of 5%for payment within 14 days. The invoice was settled by cheque five days later.

    -What is the double entry for this question?
    In the BPP book, there is only the answer and no explanation is provided.

    July 20, 2016 at 7:13 pm #328082
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    I deal with this in my free lectures!

    When they sent the invoice they enter the invoice amount of 800 – 2% = $784.
    Debit receivables and Credit sales.

    They only account for the cash discount (if applicable) when the payment is received.

    If they are entitled to the cash discount then they credit receivables and debit discounts allowed.

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