Question

27. Purchase goods from Harish for
50.000 on 10% trade discount and
4% cash discount and paid 60%
amount by cheque.Calculate the
amount paid to Harish immediately.​

Answer 1

JOURNAL ENTRY:-

purchase a/c. Dr. 45,000

To Discount received a/c. 1,080

To Bank a/c. 25,920

To Harish's a/c. 18,000

(being goods purchased from Harish and paid 60% amount immediately)

Hence, 18000 will have to be paid to Harish.

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