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Inclusion of discounts in the gross profit

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Inclusion of discounts in the gross profit

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by mrjonbain.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • July 25, 2024 at 10:02 am #708838
    zumrudaliyeva
    Participant
    • Topics: 28
    • Replies: 8
    • ☆

    Good day!

    Trade discounts are affecting the gross profit. But settlement discounts are shown below the gross profit and so is not used to arrive at the gross profit.

    Is that correct?

    If so, when the term discounts received are written, does that mean settlement discounts?

    July 26, 2024 at 8:46 am #708857
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2495
    • ☆☆☆☆☆

    For the first part of your question. You are correct. I would think the second part is also correct unless further information or context contradicts the assumption.

    July 26, 2024 at 8:46 am #708858
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2495
    • ☆☆☆☆☆

    Hope this helps.

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