Question

Journal Entry

1-Bought goods from Rishi for 40,000 at a trade discount of 20% and cash discount of 4%, IGST 12%,. Paid 50% immediately. ​

Answer 1

Answer:

50000 Goods Sold

10 % trade discount

50000×10÷100 = 5000

50000–5000 = 45000

50% received by cheque means Bank

45000×50÷100 = 22500

20% by Cash

45000×20÷100 = 9000

10% cash discount

Cash 9000 so ,

9000×10÷100 =900

9000–900 = 8100

Cash received 8100 and 900 is discount

Remaining balance 13500 goes to purchasers account suppose X's A/c

Bank ac dr 22500

Cash ac dr 8100

Discount ac dr 900

X's ac dr 13500

To Sales ac 45000

Dr = Cr = 45000

solved.

Explanation:

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Answer 2

Answer:

Purchase A/c Dr. 40,000

Input CGST A/c Dr. 20%

Input SGST A/c Dr. 12%

To Cash A/c 5,900

(Being the goods purchased for cash, paid CGST and SGST @9% each).