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TRADE DISCOUNT, CASH DISCOUNT AND REBATE IN ACCOUNTING EXPLAINED.
ACCOUNTS BY SONIA SETIA
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10/12/2024
TRADE DISCOUNT, CASH DISCOUNT, AND REBATE IN ACCOUNTING EXPLAINED.
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📚
Learning
Transcript
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00:00
I bet you didn't know there are different types of discounts when you shop.
00:04
Let's dive into trade discounts, cash discounts, and rebates.
00:08
Discounts are reductions in price.
00:09
Simple, right?
00:11
There are two main types.
00:13
Trade discounts and cash discounts.
00:16
Trade discount.
00:17
This is a price cut given by the seller when you buy a certain amount or value of goods.
00:21
It's like a thank you for buying in bulk.
00:24
Sales and purchases are recorded at the net value, meaning the discounted price.
00:28
The discount itself isn't shown in the books.
00:30
Now, on to cash discounts.
00:32
This is a price cut given for paying your bill on time.
00:35
It's an expense for the seller and income for the buyer.
00:39
Unlike trade discounts, cash discounts are recorded separately in the books.
00:44
Finally, rebates.
00:46
These are price reductions given after the sale, often for reasons like poor quality.
00:51
It's a way for sellers to make up for any issues.
00:54
And that's it.
00:55
Now you're a discount pro.
00:57
Subscribe for more quick finance tips.
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