Question

A Ltd Sold goods worth Rs.50,000 to B. A agreed to give cash discount of Rs.8,000. After sale was effected,B returned goods worth Rs. 7,000.a ltd will recognise sales at

Answer 1

$sales \: \: \: 50000 \\ - cash \: discount8000 \\ = 42000 \\ - returned \: goods7000 \\ = 35000 \:$

Answer 2

Answer: Calculation of Total Sales:

= total amount of sale - cash discount

= ₹50,000 - ₹8,000

= ₹42,000

now, sales- sales returns

=₹42,000 - ₹7000

=₹35,000

Therefore, the total amount of sales to be considered is ₹35,000

Explanation:

According to the Double entry system of accounting, the journal entries for sales and sales returns are :

For Sales Returns:    Sales Return A/c       DR.   7,000

                                           To B's A/C                   7,000

For Sales: cash A/C          DR.    42,000

                 Discount a/c    DR.    8,000

                             To Sales                      50,000

This shows the sales return is not considered as the sales are done with Mr. B.

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