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Former Member
Jun 25, 2009 at 12:19 PM

Discount Account

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Hi,

I sell a product for Rs.15000/- and gave a discount of 10%. Vat applicable is 1%

The Required Journal entry for Sales is

Party's account Dr 13,650

Discount account Dr 1,500

Sales account Cr 15000

Vat 1% account Cr 150

But i am getting, sales account crdited with 13500, any solution?

T&R

iyerchandra