How to 'work back' a discount should a net amount be given
ID:CVDSNA
Video Overview
This tutorial will deal with the subject "How to work back a discount should a net amount be given." Occasionally you will come across an example, or a situation, where a trade discount has been given when goods have been sold. When using the perpetual method of inventory keeping, we need to remember that cost of sales is worked out on the amount before the trade discount. But what is of equal importance, is remembering that if the customer returns goods and the net amount of the credit note is given, we need to work out what the credit note total would have been if there was no trade discount given. By doing that, we are able to work out what amount we need to credit cost of sales with.
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