Cash books and the discount received column?

Where is the discount received column of a cash book totalled up and the sum transferred to?

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One Response to “Cash books and the discount received column?”

  1. Sandy says:

    Discount is received from suppliers and is the same as purchases discount. It is recorded in the cash payments journal and posted from there to the Purchases Discount account in the General Ledger:
    http://www.newlearner.com/courses/hts/baf3m/baccl306.htm#Cash Payments Journal

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