Question

Discount, Trade Discount and Cash Discount 14. Enter the following transactions in the journal : (a) Bought goods from Dinesh for 3,000 at 10% trade discount and 2% cash discount and paid 50% cash immediately (b) Goods sold for 8,000 at 10% trade discount and 3% cash discount for cash. (c) Sold goods costing 6,000 to Ashok & Co. issued invoice 20% above cost and allowed 10% trade discount. Entries of Typical Transactions​

Answer 1

Answer:

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Explanation:

a) purchases a /c           dr.           rs. 3000(dr. amt)

               to cash a /c              rs. 1323 (cr. amt)

   to discount received a /c   rs.27 (cr. amt)

                     to DINESH         rs. 1350 (cr. amt)

( being goods purchased from Dinesh and 50% of cash paid).

b)  cash a /c  dr.               rs. 6984 (dr.)

    discount allowed  dr.    rs. 216 (dr.)

            to sales a /c               rs. 7200 (cr.)

(being goods sold for cash and discount allowed).

c) Ashok & Co. a/c dr        rs. 6480(dr.)

                   to sales a/c         rs. 6480(cr.)

(being goods sold)

Answer 2

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