Question

86-8 Journalise the following transaction
goll
March 5 sold goods for Shirti 80,000 at 50 trade
discount and 470 Cash discount Received 15
amond immdiately through the cheque.
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Answer 1

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"Journal entry for this transaction"

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▶️Bank Ac Dr.... 5930

Account Receivable AC Dr... 33600

To,Cash Discount Ac Cr..1470

To, Shrishti Traders Ac Cr.. 38060

Explanation :-

↪️ 50℅ Amount of the amount is showing as trade Discount and trade discount is not consider in journal entry.

↪️ 15℅ cash received by cheque so Debited to Bank Ac

↪️ 33600 ₹ will be received in future so this Is also showing Debit balance.

↪️ Seller allow Cash Discount This is loss of seller Therefore Credit to Cash discount Ac.

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