Difference Between Discount Allowed and Discount Received
The discount allowed is the expense of the seller.
Discount Received is an income of the buyer.
Discount allowed is debited in the books of the seller.
Discount Received is credited in the books of the buyer.
Discount Allowed and Discount Received - Journal Entries with ...
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Discount allowed acts as an additional expense for the business and it is shown on the debit side of a profit and loss account. Trade discount is not shown in the main financial statements, however, cash discount and other types of discounts are supposed to be recorded in the books of accounts.
What is the Journal Entry for Discount Allowed? - AccountingCapital
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Discount allowed is recorded on the debit side in the books of the seller while the other is recorded in the credit side in the buyer's books.
What is Discount Allowed and Discount Received? - Tax and ...
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While posting a journal entry for discount received “Discount Received Account” is credited. Discount received acts as a gain for the business and is shown on the credit side of a profit and loss account.
What is the Journal Entry for Discount Received? - AccountingCapital
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