is discounts included in the trading & profit & loss accounts? if yes where do you put them?

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is discounts included in the trading & profit & loss accounts? if yes where do you put them?

2007-11-24 02:56:43 · 2 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance

well i dont actualy know if its given or recieved but it is in the credit side of the trial balance

2007-11-24 03:02:25 · update #1

2 answers

discount received or given?
both are included.
received is on other income
and discount given is on expenses!

sorry please ignore my other answer!!
it is discount received!!
if it is credit it is discount received!
it goes in p&l before the Expences and after the Gross profit!

2007-11-24 02:59:37 · answer #1 · answered by MiZz RuBy 6 · 0⤊ 0⤋

A discount given (debit side) is net off against sales to arrive at net sales.
A discount received (credit side) is net off against purchases to arrive at net purchases.

2007-11-24 17:50:52 · answer #2 · answered by Sandy 7 · 0⤊ 0⤋