INTERVIEW QUESTIONS ACCOUNTING PROCESS SUBSIDIARY BOOKS DETAILS

Question: Trade discounts are: a) Recorded in the books b) Not recorded in the books c) Not used for determining the net price d) Used for specific purposes in accounting

Answer: (b) Not recorded in the books
Description: Trade discount is in the nature of the bulk discount which is provided by the seller to all the buyers falling in a specific class. From buyers point of view he purchases the goods at cost less discount and therefore he does not gives any recording of this in his books.

(b) Not recorded in the books
Description: Trade discount is in the nature of the bulk discount which is provided by the seller to all the buyers falling in a specific class. From buyers point of view he purchases the goods at cost less discount and therefore he does not gives any recording of this in his books. Source: CoolInterview.com

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