Disc Allowed and received

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Has anybody got any tips on whether to debit or credit discount allowed and received? I have been told that you always Debit discount allowed and credit discount received, but as I am working through some activities (and getting them wrong!!) this doesn't always seem to be the case!!<BR><BR>Does anybody have any useful tips??

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Disc Allowed and received

    the way i always remember it is D.A.D discounts allowed debits. When you've got the details from the cash book, you need to credit the full amount to the control account and individual ledgerrs and then debit the discount allowed amount to the discounts account. you then have to credit that same amount back into the control account so that it balances on both sides. <BR><BR>Hope that made sense.<BR><BR>Chris.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Disc Allowed and received

    Hi, that's a good tip by chris. The way i remember it:<BR>The sales control a/c, disc allowed is a credit, so it must be a debit in the d/a account (always the opposite). In purchases control a/c, disc received is the other way round. <BR>Remember, is you are GIVING a discount, you are in effect giving your customer that money, which you have to take out (debit) from your d/a account. <BR>When you RECEIVE a discount, YOU are getting that money, so you will be putting it in (credit) your d/r account.<BR>Any use?<BR>Ziggy<BR>Pob lwc pawb ar dydd mawrth - Good luck everyone on tuesday!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    friend needs help

    hi i need help from every one who read this page, am concern about a friend of mine after writing 5 assessments which she passed but failed unit 2$ 3 now she's talking about leaving the course which i did advice her not to, also she's complaining about the lecturer that he's trying to favour other people and not been nice to her. she's got two kids which made it hard for her to concentrate but with all this she still try to get to college as early as 8.30am just to get extra lecture could someone pls help with any advice cos i really care about her.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Disc Allowed and received

    The way I remember it is - <BR>Discount allowed - you are allowing it so it is going OUT - so it has to go IN somewhere - (discounts allowed DR)<BR>Discount Received - you are receiving IN - so it has to go OUT somewhere - (discounts received CR)

Categories

Privacy Policy