Discount Allowed in Trial Balance
They are therefore an expense of the business so would go on the debit side of the trial balance. A On the debit side of Trading Account B On the debit side of Profit Loss Ac C On the Assets side of the Balance Sheet. Icsecommercialstudies Questionpaper2017 Solvedforclass10 Aplustopper Question Paper Previous Year Question Paper Commercial See other rules of trial balance Therefore for the buyer discount received is an income. . 0 comments Report SHOW DEAL 10 OFF Deal Final Hours Sale. Accounting for the Discount Allowed and Discount Received When the seller allows a discount this is recorded as a reduction of revenues and is typically a debit to a contra revenue account. Discounts allowed to customers reduce the actual income received and will reduce the profit of the business. Join Login 11th Accountancy Trial Balance and Rectification of Errors. Discount allowed is an expenseloss for the company as its settling the acco