Please Help: Accounting Rules
All Seniors Please clearly indicate the treatment of these items in Income Statement/ Profit & Loss Account
1. Discount received should be part of Cost of Good Sold(Subtract from Purchases) or not.
2. Discount paid should be subtracted from sales or should be part of administrative expenses.
3. Carriage IN( Carriage of purchases) should be added to purchases or part of administrative expenses.
4Carriage OUT( Carriage of sales) should be added to sales or part of administrative expenses.
5. Trade Expenses
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