Trade or Credit Discount Entries in Tally (Notes)

In simple terms, Discount is an allowance or concession in price. Discount is given so that the buyer is induced  to place an order and later to make payment in time.

Discount can be also referred to as a deduction in price. The seller deducts the discount from the gross or total price, and the buyer is supposed to pay the net amount.

Types of Discounts

The two kinds or types of discounts are
1.Cash Discount
2.Trade Discount

Trade or Credit Discount:-

Trade Discount is a reduction in the catalogue price of the goods allowed only if the quantity ordered by the buyer is quite large. Its purpose is to encourage the buyer to make bulk purchases. It is allowed on cash as well as credit sales.

The trade discount is not shown in the books of account. The trade discount is calculated as some percentage of the catalogue price. It varies according to the quantity of order.

Note:- 
To perform the concept we have to perform fallowing setting's 

Go to accounting vouchers 
Press F11 
Press F2 

Use accounting bill country

 = Yes.

PROBLEM 1:-

1. Mr.Raju Started a New bussiness with 7,00,000/-
2. Rent Paid Through Bank 20,000/-
3. Cash Deposited into HDFC bank 1,00,000/-
4. Purchase as fallows:- 
      a.Computers 20 Sets @ 15,000/- Bill Counted 17 Sets
      b.Laptop's 15 Sets @ 23,000/- Cash Discount 5.7 %
      c.Ext Hard Disks 30 Sets @ 4,000/- Bill Counted 25 Sets
5.Purchase as fallow's from Reventh Traders:- 
      a.Laptop's 10 Sets @ 20,000/- Bill Counted 9 Sets
      b.Ext Hard Disks 5 Sets @ 3,500/- Cash Discount 10.7 %
6.Sales as fallow's Through Bank:- 
     a.Computers 15 Sets @ 21,000/- Bill Counted 14 Sets
     b.Laptop's 15 Sets @ 40,000/- Bill Counted 12 Sets
     c.Ext Hard Disks 20 Sets @ 7,000/- Bill Counted 18 Sets
     d.Ext Hard Disks 10 Sets @ 6,200/- Cash Discount 3.5 %
7.Sales as fallow's to Raja Traders:- 
     a.Laptop's 10 Sets @ 35,000/- Bill Counted 8 Sets
     b.Ext Hard Disks 5 Sets @ 6,500/- Bill Counted 4 Sets
8. Cash Withdraw from HDFC bank 75,000/-
9.   Cash Paid to Reventh Traders
10. Cash From Raja Traders

PROBLEM 2:-

1.Miss.vineela started a new business with 5,00,000/-
2.Internet bill paid 1,200/-
3.cash deposited into SBI bank 1,50,000/-

4.Purchase as follows:-
   a) Mine labtop's 10 sets eachone 12,000/- discounted 4% from A1 traders
   b) labtops 20 sets each one 14,000/- discounted 4.5% from A2 traders
   c) Samsung mobiles 20 sets each one 2,100/- discounted 6% from A3 traders
   d) Nokia mobiles 10 sets each one 4,000/- discounted 3%
   e) Carbon mobiles 10 sets each one 5,500/- discounted 10%
   f) Micromax mobiles 10 sets each one 9000/- discounted 7%
   g) Lava mobiles 10 sets each one 2900/- discount 1.5%
5.Sales as fallows:-
   a) Mine labtop's 5 sets eachone 16,500/- discounted 2% from B1 traders
   b) Mine labtop's 5 sets each one 18,000/- discounted 3% from through SBI bank
   c) Laptop's 20 sets each one 38,000/- bill counted 19 sets
   d) Samsung mobiles 20 sets each one 65 ,000/- discounted 6%
   e) Nokia mobiles 10 sets each one 15,000/-
   f) Carbon mobiles 10 sets each one 13,000/- discounted 5%
   g) Lava mobiles 10 sets each one 4900/- discount 6.5%

6. Sales return:
   a) Samsung mobiles 1 set
7. Purchases return:
   b) Samsung mobiles 1 set
8.  cash paid to A1 traders
9.  cash paid to A2 traders
10.cash paid to A3 traders
11.cash from B1 traders

________________________________________________________________________

>> Back to Ms-Office Notes
>> Back to C-Language Notes
>> Back to Computer Fundamentals Notes
__________________________________________________________________________
>>Back to Video Tutorials
>>Back to All Courses Quiz
>>Back to Abbreviations
>>Back to All Courses Shortcut Keys

__________________________________________________________________________