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Ledger account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Ledger account

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • July 6, 2020 at 7:54 pm #576152
    ketki15
    Member
    • Topics: 60
    • Replies: 15
    • ☆☆

    in which of the prime entry would discounts received be recorded?
    cash received book
    cash payment book
    sales day book
    purchase day book

    shouldnt the answer be puchase book as you recive the disc when you purchase something? why does the solution give answer B?

    July 7, 2020 at 9:06 am #576207
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54702
    • ☆☆☆☆☆

    It depends why there is a discount.

    If it is a discount for early payment then it would be noted in the cash payments book because it is when the invoice is paid that we get the discount.

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