Question

Journal Entries :

✨Goods purchased from Rohan worth Rs. 5000 at 10% Trade Discount & 2% Cash Discount.

With Explanation.
​

Answer 1

Answer:

the journal entry would be

in case of cash purchase

purchases AlC dr. 4400

discount AlC dr. 100

to cash AlC. 4500

(being goods purchased at trade dis of 10% and cash dis of 2% from Rohan by cash )

in case of credit purchases

purchases AlC dr. 4400

discount AlC dr. 100

to rohan AlC. 4500

(being goods purchased at trade dis of 10% and cash dis of 2% from Rohan on credit )

Explanation:

trade discount wouldn't be accounted

the cash discount is treated as discount on the original amout and hence accounted

any query please ask

Answer 2

Answer:

Purchase a/c. -Dr 4500

to cash 4410

to dis received. 90

Explanation:

trade discount is not shown while cash discount is shown.

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