Purchaser perspective
In examination questions,
when dealing with transactions from the
perspective of the purchaser, the purchaser will initially record the full cost of
the goods and will then decide whether or not to take advantage of settlement
discount terms offered by the seller. If advantage of the settlement discount is
not taken, the gross amount is payable to the seller. If advantage is taken of the
settlement discount terms offered, discount received should still be recorded as
normal as a memorandum item in the cash payments book.
The following illustration considers the same information as used in Illustration 1
from the perspective of the purchaser.
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