Question

Journalise the following considering CGST &SGST @6% each a) Bought goods of the list price of Rs. 1,00,000 from Sham Bros. less 20% trade discount and 5% cash discount on purchase price. 60% of the amount was paid immediately by cheque. b) Sold goods to Manav &co. of the list price of Rs. 2,00,000 less 15% trade discount and 4 % cash discount on sale price and received 40 % by cheque c) Paid to Gauri Shanker Rs.95,000 by cheque after deducting 5% cash discount. d)Sold goods costing Rs.60,000 to Kishore against cheque at a profit of 25% on cost less 10 % trade discount. Cash discount allowed @2 % on sales price.

Answer 1

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