1.bought goods on credit from mona rupees 80000 at 6% trade discount.(pass journal entry). 2. paid cash of rupees 37000 to mona for 50% settlement of her account.
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Purchases A/c Dr 75200
To Mona 75200
( being goods bought for ₹80000 less trade discount @ 6% )
Mona Dr 37600
To cash A/C 37000
To discount A/c 600
( being settled 50% of Mona’s balance at ₹ 37000)
To Mona 75200
( being goods bought for ₹80000 less trade discount @ 6% )
Mona Dr 37600
To cash A/C 37000
To discount A/c 600
( being settled 50% of Mona’s balance at ₹ 37000)
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