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Summary

Summary debtrors and creditors journals with discounts

Rating
-
Sold
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Pages
10
Uploaded on
06-04-2026
Written in
2025/2026

basic journals with discounts like settlement discount and trade discount

Institution
North-West University (NWU)
Course
Accounting (ACCC)

Content preview

Debtors
expect discount.
Sale:
Debtors (SFP) - full amount
Sales (P/L) - x x 100/ 115 X discount %
VAT payable ( P/L) - 15%
allowance for settlement discount (SFP) -%
send back damaged Stock:
Sales (P/L) - x x 100/ 115 x discount
VAT (P/L) - 15%
allowance for settlement discount (SFP) -%
Debtors (SFP) - full amount sent back
Pay in time- get discount
Bank (SFP) - amount received- x x%
VAT- I5%
allowance for settlement discount (SFP) -%
Debtors (SFP) - full amount Still owed
Day back late-don't get discount
Bank (SFP) - amount received
Debtors (SFP) - full amount Still owed
allowance for settlement discount (SFP) -%
Sales

, creditors
expect discount.
buy:
Purchases(P/L) - x x 100/ 115 X discount %
VAT receiveable ( P/L) - 15%
allowance for settlement discount (SFP) -%
creditors (SFP) - full amount
send back damaged Stock:
creditors(SFP) - full amount sent back
purchases (P/L) - x x 100/ 115 x discount
VAT (P/L) - 15%
allowance for settlement discount (SFP) -%
Pay in time- get discount

creditors (SFP) - full amount Still owed
Bank (SFP) - amount paid- x x%
VAT- I5%
allowance for settlement discount (SFP) -%
pay back late-don't get discount
creditors (SFP) - full amount Still owed
Bank (SFP) - amount paid
Purchases
allowance for settlement discount (SFP) -%
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Written for

Institution
North-West University (NWU)
Course
Accounting (ACCC)

Document information

Uploaded on
April 6, 2026
Number of pages
10
Written in
2025/2026
Type
SUMMARY

Subjects

  • debtors
  • creditors
  • journals
  • discounts
  • accc
  • accf
  • allowance for settlement discount
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Written by students who passed
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marichamarais

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marichamarais North-West University
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