goods purchase from rahul rs. 20000 a 10 per trade discount and 5 per cash discount payment made by cheque
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total price = 20000
less: 10% trade discount = 2000
Net amount = 20000-2000= 18000
journal entry= purchase A/c dr
to rahul A/c
invoice price to customer is now 18000
& cash discount is allowed
invoice = 18000
less:5% cash discount =900
net amount for customer= 17100
journal entry= purchase account dr 17100
discount. 900
to rahul a/c 18000
.........//thankyou...//...............
less: 10% trade discount = 2000
Net amount = 20000-2000= 18000
journal entry= purchase A/c dr
to rahul A/c
invoice price to customer is now 18000
& cash discount is allowed
invoice = 18000
less:5% cash discount =900
net amount for customer= 17100
journal entry= purchase account dr 17100
discount. 900
to rahul a/c 18000
.........//thankyou...//...............
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