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Accounting entry for senior citizen discount


accounting entry for senior citizen discount

Disclaimer: The content of this article may become outdated because of changes in the rules and regulations over time.
In case of called-in or phoned-in orders of grouped meals, the food establishment must determine the number of senior citizens in the group and the 20 percent discount shall be computed based on the value of the food attributable to all backyard fun promo code the qualified senior citizens.
However, other pasalubong food items (e.g.If you are NON-VAT registered, you can skip this step.Don't miss out on the latest news and information.The sales discount is based on the sales price of the goods and is sometimes referred to as a cash discount on sales, settlement discount, or discount allowed.Interest rate for 20 days.56 Daily interest rate.56 / 20 Annual interest rate (2.56 / 20) x 365 Annual interest rate.72 It effectively costs the business.72 to offer sales discounts to the customer.8-2010, implementing the tax privileges provisions of Republic Act.Sales discount is a contra revenue account Revenue 2,000 Sales discounts 50 Net revenue 1,950 Sales Discount Not Taken If the customer does not pay within the discount period and does not take the sales discount the business will receive the full invoice amount.Sales price 2,000, sales discount.5.It is a loss of revenue on the part of the State when the seller claim deductions arising from the discounts and VAT-exempt sale to senior citizens.Hence, they are likewise subject to certain conditions;.e.As such, you need to deduct the amount of VAT from the selling price.
The sales discount normal balance is a debit, a cost to the business.




Condiments and side products fall within the scope of other consumable items served by the establishments.9994, otherwise known as the Expanded Senior Citizens Act of 2010.Amount to pay Sales price - Sales discounts.Following double entry is required to record the cash discount: Debit, payable.As to delivery fees/charges, if its not billed separately, its covered by the 20 percent discount.Therefore, purchases, along with any payables in the case of a credit purchase, are recorded net of any trade discounts offered.Alcoholic beverages purchased in a bar, club, or cabaret are exempt from VAT but subject to the 18 percent amusement tax under Section 125 of the Tax Code.By receiving payment earlier the business now has use of the cash for an extra 20 days and reduces the chances that the customer will eventually default.If the customer pays within 10 days then.5 sales discount amounting to 50 can be deducted from the sales invoice, and the customer will pay only 1,950 to settle the account.


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