Q: I have no column in my cash book (receipts) for discount received, yet there is a subsidiary ledger for it…_2
7 September 2012
…If I do not take off the discount in the cash book, how do I fit this into the ledgers?
…If I do not take off the discount in the cash book, how do I fit this into the ledgers?
The position here is that the discount received appears on the payments side of the cash book almost in the nature of a memorandum account and is located next to the purchase ledger column. When posting from the cash book, the Purchase Ledger Accounts are debited with...
