Question

goods purchase from ramesh for rs 50000 at 10% trade discount​

Answer 1

Explanation:

List price = Rs.50,000

Trade Discount  = 10%(50,000) = Rs.5000

Agreed Price = Rs.50,000 - Rs.5000 = Rs.45,000

Immediate cash payment = 50%(45,000) = Rs.22,500 - Rs.2250 = Rs.20,250

Cash Discount = 10%(22,500) = Rs.2250

Journal Entry

Purchases A/C   Dr   Rs.45,000

           To Cash A/C         Rs.20,250

           To Cash Discount A/C   Rs.2250

           To Ram A/C Rs.22,500

(being goods purchased from Ram)

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