Question

Journal entry for-
Bought goods at list price of 15000 from Rakesh less 10% trade discount and 5% cash discount and paid 40% price immediately. Also apply 12% IGST solution with journal entries

Answer 1

Purchases A/c - - - - -Dr 13500

Input IGST A/c - - - - - Dr 1620

To Cash A/c. 5746

To Discount received A/c. 302

To Rakesh's A/c 9072

( being goods purchased @ 10% trade discount, 5% cash discount, 12% IGST. Paid 40% Price immediately)