Question

Goods purchased from xyz rs 15000 nd cash paid to xyz rs 14500 for full settlement.What wll be the journal entry for both transactions?write in two diffrnt transactions.

Answer 1

Answer:

Purchases A/c Dr 15000

To xyz A/c 15000

(Being goods purchased.)

XYZ A/c Dr 15000

To Cash A/c 14500

To Discount received A/c 500

( being cash paid.)