Question

goods costing 10000 sold at a profit of 25% and 10% trade discount and 10% cash discount and the half of the amount is recived journal entry ​

Answer 1

Answer:

Explanation:

List price 12500.00

trade discount 10 % 12500.00-1250.00=11250 (Entry of trade discount will only be recorded)

Sales value 11,250.00

50 % amount received means 5625.00

10 % cash discount means           562.50

Amount received    5625.00-562.50=5062.50

entry will be

Debtors A/c Dr  (50%)       5625.00

Discount A/c Dr                    562.50

Bank/Cash account Dr      5062.50

To sales A/c                                     11250.00

(Being goods costing 10000 sold at a profit of 25% and 10% trade discount and 10% cash discount and the half of the amount is recived journal entry ​)