07-26-2010, 07:35 PM
I need a help regarding recording sales tax invoice from a customer.
we have received an invoice from xyz comapnay with following details.
Total Value = 56880/-
Discount @ 4% = 2275.20/-
Value after tax = 54604.80/-
Sales tax @ 0% = 0
Total value = 54,604.80/-
Now i am confused to recored this discount or not. as for my knwoledge is concern the entry will..
Purchased = 56880 DR
XYZ = 54604.80
Discount received = 2275.20
we have received an invoice from xyz comapnay with following details.
Total Value = 56880/-
Discount @ 4% = 2275.20/-
Value after tax = 54604.80/-
Sales tax @ 0% = 0
Total value = 54,604.80/-
Now i am confused to recored this discount or not. as for my knwoledge is concern the entry will..
Purchased = 56880 DR
XYZ = 54604.80
Discount received = 2275.20
