Question

journalise the foll transaction with working notes : sold goods costing ruees 60000to kishore against cheque at a profit of 25% on cost less 10%trade discount 40%of the amount has been received in cash immediately on which cash discount is allowed at a rate of 5%.the rate of CGST and SGST is 6%each​

Answer 1

Answer:

Working note 1

Calculation of selling price

Let assuming that

100 is a cost

25 is a profit

so 125 is a selling price

60,000/125×100

=48000 is a selling price

Working note 2

Calculation of trade discount

28,200×10/100

=2820

Working note 3

Calculation of Cash discount

(28200-2820)×5/100

=1269

Working note 4

Calculation of CGST

25,380×6/100

=1523

Working note 5

Calculation of SGST

25,380×6/100

=1523

Kishore a/c. dr7966

Cash a/c. dr. 19,200

Discount a/c. dr. 1260

to sales a/c. 25,380

to output cgst a/c. 1523

to output sgst a/c. 1523

I hope it helps you