Hi all, Can someone help we how i should account for the above? your help would be really appreciated.
I have to prepare the financial statements for Q1 and Q2
I know that I should account for the trade discount in Q2, but should i estimate using the 475,000 sales or 875,000 since now accounting treatments were reflected in Q1?
And would the double entry be DR sales CR payables, or DR P&L and CR Payables?