journal entry for sold goods purchased at list price of 50000 sold at a profit of 25% less 10% trade discount against cheque
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Cost price of goods = 50,000 × 85/100 = 42,500
Selling price of goods = 42,500 × 125/100 = 53,125
Trade discount = 10/100 = 53,125 = 531
Trade discount is not shown in books
Net selling price = 53,125 - 531 =52,594
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