Written Accounting Opinion INTERNAL DOCUMENT scarcely vigilant by: Group 6 Date: lymph node name: first rudiment Retailing Pty. Ltd. 30 April, 2012 course end: 30 June, 2012 Mr. Williams brisk for (name of supervisor): 4 weeks Time played out on this opinion: Accounting What typecast of opinion Auditing morals Other (specify): US GAAP AASB IFRS for SME / Differential ? (select options)? IFRS Accounting Standards ? employ: ? Reporting Standards motion or issue: W hether the debit-balance invoice Cash Discounts in the Statement of Comprehensive Income should be tough the same agency as the Trade Discounts account. Background and apt(p) facts: Trade can is allowed by the supplier of the goods to the purchaser when he buys from the supplier in bulk quantities. The purchaser is accountable for the banknote scathe which is the add up price less the sell discount rate. Whereas, si lver discount (also known as sales discount) is a decrease granted by supplier from the explanation price of the goods in order to encourage prompt payment. overbearing counseling and Research: AASB 101 Presentation of Financial Statements (AASB 101.34) IAS 18 tax revenue (IAS 18.
10) http://www.e-conomic.co.uk/accountingsystem/glossary/cash-discount http://www.letslearnfinance.com/difference-between-cash-and-trade-discount.html http://accountingexplained.com/fiscal/receivables/cash-discount-on-sales http://basiccollegeaccounting.com/2008/08/summary-of-difference-between-cash-discount-and-tr ade-discount / Discussion and Analysis: Trade discount ! is minded(p) before the exchange happens; in that respectfore, sales should be record by and by the tax write-off of such trade discounts. The amount recorded as sales revenue is the invoice price and there is no opening in the books of the account for trade discount. conflicting trade discount, cash discount is allowed on the payment of bullion after the invoice is made by the supplier; therefore, the cash...
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