Discount Recieved & Discount Allowed

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi

I am new to the AAT course but unfortunatley my teacher is not all that clever about explaing the work we do.

I am struggling to grasp what accounts you must Debit / Credit when discount is recieved or given.

Am i right in thinking that you must Credit 1 account and Debit 2 others and vice versa?

Any help is appreciated, thanks

Chris

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Discount Recieved & Discount Allowed

    Hi Chris.

    Yes, you are right.

    You Debit Discount Allowed, and Credit the Debtor's Account and the Control Account.

    Credit Discount Received, and Debit the Creditor's Account and the Control Account.

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Discount Recieved & Discount Allowed

    Thanks Scott

    Much Appreciated

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