Question

Journal entry for purchased goods from naresh @10% td and 2% cd and paid 60% amount at the same time of rs 10000

Answer 1

Brainly.in

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Secondary School Accountancy 6 points

Bought goods from Kamal for Rs.20,000 at a trade discount of 10% and Cash discount of 2%. Paid 60% amount immediately.

Ask for details Follow Report by Ramkumarparaspbl5o5 09.07.2018

Answers

Vickypanjiyar

Vickypanjiyar Genius

Hello!!

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Purchase A/c. Dr. 18000

To cash a/c. 10800

To Kamal a/c. 360

To discount receive a/c. 6,840

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since, Goods are being purchased, Purchase A/c. will be debited , because as we know goods is an assets and increase in assets results Debits.

Cash is being paid, (cash is an assets), which is decreasing and we know that, decrease in asset leads to Credit.

Kamal a/c. will be credited because kamal is a liability for us. since, we know that increase in liability leads to credit.

Since, we are receiving discount, which is income and we know that, Increase in income leads to credit.

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