Question

2. Credit purchases from Ram & Co. for 50,000. Cash discount will be received at 5%
on payment of bill within 10 days.
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Answer 1

Answer:

Ram and co alc dr 50000

to sales alc 50000

(Being sales made to ram and co on credit)

Bills receivable alc dr 47500

discount allowed alc dr 2500

to ram and co alc 50000

( Being bill accepted by ram and co excluding discount 5% on sales)

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