Question

journal entry
goods purchased from Mayank Arora and he allowed us 10% trade discount 7000 rupees


cash paid to mayank Arora in full satisfaction 6000​

Answer 1

Answer:

purchase account dr 6000

discount recive ac dr 1000

to cash ac cr 7000

Answer 2

The answer to the following question is below.

Explanation:

Given:

Purchase Price = 700

Discount Received = 10%

                             Journal Entry

                        In the Books of ( --- Limited)

Date     Account Title and Explanation      Debit       Credit  

            Purchase                    a/c Dr             6,300

            To Mayank Arora       a/c                                   6,300

       (Being purchase from Mayank on trade discount of 10%)

            Mayank Arora            a/c Dr             6,300

            To discount                a/c                                  300

            To Cash                     a/c                                   6,000

       (Being cash paid to Mayank for his full settlement)

Note: Trade discount = 7000*10% =700

Learn more

brainly.in/question/939040

brainly.in/question/11915355

#learnwithbrainly