Discount received acts as a gain for the business and is shown on the credit 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 shown in books of accounts.
What is the Journal Entry for Discount Received? - AccountingCapital
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Cash discount allowed is recorded on the debit side of cash book.
Cash discount allowed is recorded on the debit side of cash book. - Toppr
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Discount Received is a column found on the credit side of the Cash Book. When a creditor is paid and the business receives a discount the discount received and is recorded in the discount received column and the corresponding entry appears as a debit in the creditor's account.
Discount received is recorded on which of the following side of
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Discount: The amount of discount allowed is recorded on debit side and the amount of discount received is recorded on credit side in discount column. The totals of debit column and credit column are posted to discount allowed account and discount received account respectively.
Triple/three column cash book - explanation, format, example
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