Question

Bought goods from amar at 10%tradediscount jounral entry

Answer 1

Purchases ac dr
Amar ac cr
Goods are purchased

Answer 2

Answer:

creditors A/C - Dr cash A/C - Cr

discount received A/C - Cr

Explanation:

purchasing some goods from Amar. he is giving 10% discount to the retailer or consumer.

discount received is an income

when there is a name given. it means that the goods have been purchased on credit basis.

so, the double entry is

creditors A/C - Dr cash A/C - Cr

discount received A/C - Cr