Question

Gd evening mates !
Journalise(Without GST)
➡️ Purchases goods of list price ₹40000 for ₹35000 of cash.


SPAMMING NOT TOLERATED!!
(｡ŏ﹏ŏ)​

Answer 1

Answer:

Purchase a/c Dr. 40000

To Discount a/c 5000

To Cash a/c 35000

(Being bought goods for discount)

_____________________________

Here,

We got a discount of 5000 which is a credited to us . If we allow anyone discount then we will see it as a debt.

_____________________________

#Thanks

Answer 2

Answer

Golden Rules of Journal

Personal account rule

Debit- The receiver.  

Credit- The giver.  

Real account rule

Debit- What comes in.  

Credit- What goes out.  

Nominal account rule

Debit- All expenses and losses.  

Credit- All incomes and gains.  

Now

The journal entry will be

Purchases A/c       DR    ₹ 40,000

    To cash account A/c        ₹ 35,000

     To discount Received A/c    ₹ 5000

(Being goods  purchased of list price ₹40000 for ₹35000 of cash)

Short Explanation

• In this Entry a person is receiving  the total discount of 5000
• since the items are bought by them at 35,000 when the actual cost was 40,000.
• So Here will be three accounts purchases , Discount Received and Cash
• Purchases and Discount Account must be debited as per (personal rule of journal)
• Cash Account is Credited.