Question

journal entry of goods costing rs12000 sold to mr x issued invoice at 25 % above cost less 10 % trade discount.

Answer 1

Answer:

mr x a/c 13500

to sales a/c 13500

Explanation:

12000*125% = 15000

15000*90% = 13500

Answer 2

Answer:

Explanation:

                  In the books of journal Entry

particulars                               amount       amount

Cost of goods sold A/C Dr.     12000    

invoice price A/C Dr.                3000

     To, trade discount A/C                            1500

     To, Mr. X A/C                                           13500

[ being goods sold with the invoice at 25 % of cost price Rs. 12000 ]

workings:

cost of goods = 12000

Invoice price of the goods @ 25% = ( 12000 * 25% ) = 3000