Question

Bought goods of the list price of Rs 1,25,000 from mohan less 20% trade discount and 2% cash discount and paid 40% amount by cheque

Answer 1

Answer:

Purchases A/c. Dr. 1,00,000

To Mohan A/c. 60,000

To Bank A/c. 39,200

To Discount Received A/c. 800