Discount

D.G. Mohan (Querist) 06 October 2012 This query is : Resolved
In our sales transaction, suppose goods item invoice value is Rs25000-, we collect Rs24000- from the customer and give receipt for the same. Difference of Rs1000- will be treated as discount. Whether it is right as per accounting procedures?

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Kiran Kumar (Expert) 06 October 2012
Once you give an invoice of Rs. 25000/-, how will you prove that u have received only Rs. 24000/-

Rajeev Kumar (Expert) 06 October 2012
Once invoice is given of 25000/- it is hard to prove you recieved only 24000/- less 1000/- than actual amount recieved.

D.G. Mohan (Querist) 07 October 2012
In our trading it is practice to give discount and should not reflect in the invoice. But we give receipt for Rs24000- received from the party.

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