Question

journalise the following transactions . 1. Sold goods to Mohit of 50,000 on the term that cash discount shall be allowed
@5% on payment made within 7 days and 2% on payment made by 30 Apr 2020.​

Answer 1

Answer:

Debit accounts receivable 50,000 the credit sales 50,000.

If customer's payment is within 7 days : Debit cash 47,500 and sales discount 2,500 then credit acconts receivable 50,000

If the customer's payment is made by Apr 30, 2020 :debit cash 49,000 and sales discount 1,000 then credit accounts receivable 50,000.

Explanation:

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