Question

Goods purchased form Umesh of the list price 50,000 at 10% trade

discount. Paid 40% in cash and availed discount of 5%.​

Answer 1

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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