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Adjustment of Provision for Discount on Debtors in Final Accounts ...
If Provision for Discount on Debtors is given in the trial balance, it will be recorded only once on the Debit side of the Profit and Loss A/c. Illustration: Following are some of the balances that appear in the books of Mr Haider. The following adjustments have to be made: 1. Further bad debts amount to ₹2,500, Provision for Bad debts to be made at 5%, Provision for Discount to debtors @2%. 2. Goods are given away as charity amounting to ₹10,000.
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Adjustment of Provision for Discount on Debtors in Final Accounts ...

If Provision for Discount on Debtors is given in the trial balance, it will be recorded only once on the Debit side of the Profit and Loss A/c. Illustration: Following are some of the balances that appear in the books of Mr Haider. The following adjustments have to be made: 1. Further bad debts amount to ₹2,500, Provision for Bad debts to be made at 5%, Provision for Discount to debtors @2%. 2. Goods are given away as charity amounting to ₹10,000.

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Provision for Discount on Debtors | Calculation, Example, FAQs
To motivate debtors to pay their debts, ... In other words, it is an anticipated loss that a trader willingly bears by allowing a cash discount to those customers who settle their accounts within the prescribed time. To make this provision, at the end of the financial year, a percentage is calculated on the total amount of sundry debtors (after deducting the provision for bad debts).
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Provision for Discount on Debtors | Calculation, Example, FAQs

To motivate debtors to pay their debts, ... In other words, it is an anticipated loss that a trader willingly bears by allowing a cash discount to those customers who settle their accounts within the prescribed time. To make this provision, at the end of the financial year, a percentage is calculated on the total amount of sundry debtors (after deducting the provision for bad debts).

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Provision for Discount on Debtors (With Adjustment Entries)
Discount is allowed when our Debtors settle their accounts promptly. If the Debtors of the cur­rent period settle their accounts promptly in the succeeding period, discount will have to be allowed by us. The amount of discount is an expected loss and a provision has to be made for it in the Final Accounts of the current year. The Accounting procedure for this provision is similar to that of Provi­sion for Doubtful Debts discussed above.
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Provision for Discount on Debtors (With Adjustment Entries)

Discount is allowed when our Debtors settle their accounts promptly. If the Debtors of the cur­rent period settle their accounts promptly in the succeeding period, discount will have to be allowed by us. The amount of discount is an expected loss and a provision has to be made for it in the Final Accounts of the current year. The Accounting procedure for this provision is similar to that of Provi­sion for Doubtful Debts discussed above.

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Journal Entry for Discount Allowed and Received
1. Payment is received through cheque, and a discount is allowed. A. When a cheque is received from a customer, and a discount is allowed to him (Cheque is deposited into the bank on the same day): Journal Entry: Example: Received a cheque of ₹19,400 from Vishal and deposited it in the bank, and off
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Journal Entry for Discount Allowed and Received

1. Payment is received through cheque, and a discount is allowed. A. When a cheque is received from a customer, and a discount is allowed to him (Cheque is deposited into the bank on the same day): Journal Entry: Example: Received a cheque of ₹19,400 from Vishal and deposited it in the bank, and off

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Journal Entry for Discount Allowed | Examples - Tutor's Tips
Discount allowed to debtors-> The loss to Business -> Debit: Mr A > Personal -> Personal Account -> Cash paid by Mr A > Mr is Giver -> Credit: Journal Day Book: Date : Particulars: L. F. Debit: Credit: 01/04/20: Cash A/c: Dr. 9,900: Discount Allowed A/c: Dr. 100: To Mr A’s A/c: 10,000 ( Being cash received from debtors and allowed him discount) 2. Percentage of discount and the Total Due amount is given Example No. 3:
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Journal Entry for Discount Allowed | Examples - Tutor's Tips

Discount allowed to debtors-> The loss to Business -> Debit: Mr A > Personal -> Personal Account -> Cash paid by Mr A > Mr is Giver -> Credit: Journal Day Book: Date : Particulars: L. F. Debit: Credit: 01/04/20: Cash A/c: Dr. 9,900: Discount Allowed A/c: Dr. 100: To Mr A’s A/c: 10,000 ( Being cash received from debtors and allowed him discount) 2. Percentage of discount and the Total Due amount is given Example No. 3:

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CBDT instructs that bad debt claims be allowed even if debt not ... - PwC
debt. The amended provisions allowed the deduction of bad debts in the year in which such the debt or part thereof was actually written off as irrecoverable in the taxpayer's books of accounts, subject to the conditions prescribed under section 36(2) of the Act, which inter alia provides that such debt should have been taken into account in computing the income of previous year(s)1.
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CBDT instructs that bad debt claims be allowed even if debt not ... - PwC

debt. The amended provisions allowed the deduction of bad debts in the year in which such the debt or part thereof was actually written off as irrecoverable in the taxpayer's books of accounts, subject to the conditions prescribed under section 36(2) of the Act, which inter alia provides that such debt should have been taken into account in computing the income of previous year(s)1.

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Preparation of Financial Statements from Incomplete Records - GST Guntur
(i) Collection from Debtors, after allowing discount of ₹ 15,000 amounted to ₹ 5,85,000. (ii) Collection on discounting of Bills of Exchange, after reduction of discount of ₹ 1,250 by bank, totaled to ₹ 61,250. (iii) Creditors of ₹ 4,00,000 were paid ₹ 3,92,000 in full settlement of their dues. (iv) Payment of Freight inward of ...
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Preparation of Financial Statements from Incomplete Records - GST Guntur

(i) Collection from Debtors, after allowing discount of ₹ 15,000 amounted to ₹ 5,85,000. (ii) Collection on discounting of Bills of Exchange, after reduction of discount of ₹ 1,250 by bank, totaled to ₹ 61,250. (iii) Creditors of ₹ 4,00,000 were paid ₹ 3,92,000 in full settlement of their dues. (iv) Payment of Freight inward of ...

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What can a Debt Collector legally do in India? - SingleDebt
Debt settlement options offer a more flexible approach to debt resolution, allowing debtors and collectors to find mutually agreeable solutions. In India, there are specific regulations and guidelines that dictate what debt collectors cannot do. Here’s a brief overview of activities that debt collectors are prohibited from engaging in: 1. Harassment or Threats:
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What can a Debt Collector legally do in India? - SingleDebt

Debt settlement options offer a more flexible approach to debt resolution, allowing debtors and collectors to find mutually agreeable solutions. In India, there are specific regulations and guidelines that dictate what debt collectors cannot do. Here’s a brief overview of activities that debt collectors are prohibited from engaging in: 1. Harassment or Threats:

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What Does Execution of Judgment Mean in Legal Terms?
Some states provide a notice period, allowing debtors to contest the levy if they believe the seizure is unwarranted or if the funds are exempt. Common exemptions include Social Security benefits, veterans’ benefits, and child support payments. Asset Seizure. Asset seizure enables creditors to take possession of a debtor’s property following a court order. Assets subject to seizure include vehicles, jewelry, and collectibles, but items necessary for daily living are generally exempt.
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What Does Execution of Judgment Mean in Legal Terms?

Some states provide a notice period, allowing debtors to contest the levy if they believe the seizure is unwarranted or if the funds are exempt. Common exemptions include Social Security benefits, veterans’ benefits, and child support payments. Asset Seizure. Asset seizure enables creditors to take possession of a debtor’s property following a court order. Assets subject to seizure include vehicles, jewelry, and collectibles, but items necessary for daily living are generally exempt.

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Top 10 Strategies for Effective Debt Collection in 2025
Allowing debtors to choose from various methods—like credit cards and digital wallets—can significantly enhance the payment experience. This convenience encourages timely payments and reduces friction in the collection process. 5. Implement Self-Service Platforms. Self-service platforms empower debtors to manage their accounts independently. These tools enable them to make payments, track balances and set up payment plans without needing direct interaction with agents.
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Top 10 Strategies for Effective Debt Collection in 2025

Allowing debtors to choose from various methods—like credit cards and digital wallets—can significantly enhance the payment experience. This convenience encourages timely payments and reduces friction in the collection process. 5. Implement Self-Service Platforms. Self-service platforms empower debtors to manage their accounts independently. These tools enable them to make payments, track balances and set up payment plans without needing direct interaction with agents.

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