Special Journal Entries | Trade Discount | Cash Dis | Opening Entry | Bad Debts | Dr. Ramesh Arya |

Today in this video we will discuss about Special Journal Entries.

SPECIAL JOURNAL ENTRIES
(I) Trade Discount- Trade Discount is the discount which is allowed generally in the form of a certain percentage on the list price or gross value of goods to increase the sales. The following entry will be passed for the transaction,
‘Goods sold for Rs. 5000 at 10% trade discount’:
Cash A/c Dr. 4,500
To Sales A/c 4,500
(For goods sold at 10% trade discount)
(ii) Cash Discount- Cash discount is the discount which is allowed by the trader with the purpose of early recovery of payment from the debtors or customers.
For Example: If Mohan was a debtor of Rs. 2,000 and Rs. 1,800 have been received from him allowing Rs. 200 as discount, the following entry will be passed:
Cash A/c Dr. 1,800
Discount Allowed A/c Dr. 200
To Mohan 2,000
(For cash received from Mohan and discount allowed)
Difference between Trade Discount and Cash Discount:1 .Meaning 2. Treatment 3. Objective 4. Sequence
What is Compound Journal Entry
What is Opening Entry
What are Bad Debts
What is Depreciation on Fixed Assets
Thank you and have a Nice Day.
Dr. Ramesh Arya
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