Goods purchased form Umesh of the list price 50,000 at 10% trade
discount. Paid 40% in cash and availed discount of 5%.
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Answer:
Purchases a/c dr. 45,000
to cash a/c 900
to creditors a/c 27,000
to discount received a/c 900
Explanation:
list price = 50,000
TD @ 10% = (-) 5,000
= 45,000
40% paid in cash = 40% of 45,000
= 18,000
CD@ 5% = 900
= 900
and rest of payment comes under creditors = 27,000
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