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本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

5.5 Settlement discount:

● A discount given for early payment of a debt i.e. within a stated period of time

● The transaction is initially recorded at a full price. If the discount is taken, this is accounted for when the debt is settled.

Discount allowed:

● A business may give its customer a discount – known as Discount allowed

Dr. Discount allowed (expense)　x

Cr. Receivables x

Discount received:

● A business may receive a discount from a supplier – known as Discount received.

Dr. Payables X

Cr. Discount received (income) X

Example:

On 1 May 20x1, Lucy sells 10 sets of color TV to Victor at a price of $600 per set. The term of sales states that Victor is given 30 days ( i.e. due date is 31 May 2001) to settle the debt. If Victor pays on or before 11 May 2001, a 2% cash discount will be granted.

(a)Case 1: Victor takes advantages of the cash discount and pays on 11 May 2001.

in Victor’s books:

Dr. Trade payables $6,000

Cr. Bank $5,880

Discount received $120

in Lucy’s books:

Dr. Bank $5,880

Discount allowed $120

Cr. Debtor $6,000

in this case, the discount allowed to Victor is Lucy’s selling expense.

(b)Case 2: Victor pays on 31 May 2001

In Victor’s books:

Dr. Trade payables $6,000

Cr. Bank $6,000

In Lucy’s books:

Dr. Bank $6,000

Cr. Trade receivables 　$6,000

How to deal with a case with sales tax and discount at the same time?

Example:

Mountain sells goods on credit to Hill. Hill receives a 10% trade discount from Mountain and a further 5% settlement discount if goods are paid for within 14 days. Hill bought goods with a list price of 200,000 from Mountain. Sales tax is at 17.5%

What amount should be included in Mountain’s receivables ledger for this transaction?

A: $ 235,000

B: $211,500

C: $200,925

D: $209,925

Solution: D

List price:

Trade discount

Sales tax(17.5% x 95% x 180,000)

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