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Trade discounts are given to try to increase the volume of sales being made by the supplier. The discount described as trade rate discount is sometimes called "trade discount". Trade discount is the discount allowed on retail price of a product or something. for e.g. Retail price of a cream is 25 and trade discount is 2% on 25.
Credit note is a document issued by a seller that acknowledges that a customer is entitled to receive a reduction in the amount owing on goods purchased on credit. Folio Number: Every page of a journal is numbered. This number is known as a folio number. [5] The folio number is used as a cross reference between the journal and the ledger accounts.
Discount allowed Value Receipt analysis L/F Cash sales Received from debtors Income received Other 01.04.2017 657890 Cash sales 50,000 50000 02.04.2017 657891
sales discounts allowed are reduced payments from the customer based on invoice payment terms such as 2/10, n/30 (2% discount if paid within 10 days, net invoice total due in 30 days) interest received for amounts in arrears; inc/exc amounts capital goods&services, non-capital goods&services input valued added tax, with cost of non-capital ...
Mail-in rebates have a deadline for when the rebate must be sent or received by. Often this deadline is 30 days after the purchase, and generally, a rebate is received within 12 weeks. [3] A check will then be mailed back by either the manufacturer of the product, or the company responsible for processing the manufacturer's rebates.
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If this discount is applied, the value of the amount returned to the holder of the acceptance will mathematically be lower than the True Value (or Present Value) of the note. [9] The difference is called as Banker's Gain and represents the profits earned by the Bank in exchange for accepting the risk of default.