Question

Gooch sold to Ritu 100000 with 10%. T.D.
Goods return by Rity 10000 list price.
Ritu paid 75000 in full settlement.
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Answer 1

JOURNAL ENTRY:-

Cash a/c. Dr. 75,000

Sales return a/c. Dr. 10,000

Discount allowed a/c. Dr. 5,000

To Sales a/c. 90,000

(being goods sold to Ritu and game 10% trade discount and goods written by Ritu 10,000 list price Ritu paid 75000 in full settlement)

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