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Level 3 Foundation Diploma in Accountancy

Trade and Cash Discounts

AB303 · Maintaining Financial Records — Week 6 of 16

CourseAB303
Week6 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Trade and Cash Discounts

  1. Differences between trade and cash discounts
  2. Calculating trade and cash discounts
  3. Accounting treatment of discounts allowed and received
  4. Ledger entries for discounts
  5. Accounting 1: Program #18 - "Purchase Cycle Journal Entries"

What you will be able to do

  • 3.2 Differentiate between cash and trade discounts.
  • 3.3 Explain the accounting treatment for cash and trade discounts.

Activity

Start with this week’s video, then: Seminar, guided reading and a short written task: differentiate between cash and trade discounts.

Study materials

Videos

  • Accounting 1: Program #18 - "Purchase Cycle Journal Entries" · YouTube · JCCCvideo · 48 min · for registered students

Further resources

  • Introduction to Financial Accounting, Lyryx 2023-A, ch. 5: Accounting for the Sale of Goods · PDF · Other, textbook chapter; pp. 185–220 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 5Week 7
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: The Accounting Equation
  • Week 2: Fundamental Accounting Concepts
  • Week 3: Double-Entry Bookkeeping Principles
  • Week 4: Processing Double-Entry Transactions
  • Week 5: The Trial Balance
  • Week 6: Trade and Cash Discounts
  • Week 7: The Three-Column Cash Book: Structure and Purpose
  • Midterm: Midterm evaluation
  • Week 9: Preparing and Balancing the Three-Column Cash Book
  • Week 10: Bank Reconciliation Principles
  • Week 11: Preparing the Bank Reconciliation Statement
  • Week 12: Applying Maintaining Financial Records in practice: case st…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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