Question

5. Purchased goods worth 20,000 from Gopal on the condition of 10% Trade Discount and paid them 8,000 in cash and balance by cheque.
6. Purchased goods worth 60,000 from ABC Ltd. on the condition of 5% Trade Discount & 10% Cash Discount and paid them 75% amount immediately.
​

Answer 1

your journal entry will be:

5.

purchase a/c. Dr. 18000

to cash a/c. 8000

to bank a/c. 10000

(being goods purchased from Gopal and paid by cash and cheque)

6.

purchase a/c. Dr. 57000

to cash a/c. 42750

to creditor a/c. 14250

(being goods purchased from ABC limited at 5% discount and 75% cash paid)