MFR - Revision
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Just to clear a little confusion in my head!<BR><BR>1. If on a trial balance a bank balance or vat are described as credit balances, are they placed in the cr colulm in the trial ?<BR>2. Does discount allowed/redeived appear as Dr - Discount allowed Cr - discount received?<BR><BR><BR>I think I have looked at these too long!<BR>
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MFR - Revision
Yes, yes and yes<BR><BR>1. IF VAT says Cr balance then put it in the credit column. Bank ditto<BR><BR>2. Discount allowed is a debit, Discount received a credit.<BR><BR>3. Yes, you probably have looked at these two long. Never mind a pint will cure that.<BR><BR>Good luck<BR><BR>Graham Blott0 -
MFR - Revision
With regard to your discount allowed and received, the way that I remember it is:<BR><BR>discount allowed is what we give them, so it's the opposite side to what sales are on,<BR><BR>and,<BR><BR>discount received is what we're given, so it's on the opposite side to what purchases are on.<BR><BR>Hope this helps a little<BR>Good luck for Monday<BR>Donna0