M/s. Vaish Traders, Delhi purchased 500 Parker Pens @ ₹ 200 each less Trade Discount @ 15% from Luxor Pens Ltd., Delhi. CGST and SGST was levied @ 6% each. Further, Cash Discount was allowed @ 5% as the payment was made within specified time. What will be the amount of trade discount and cash discount? Show the working note and pass the journal entry for the above transaction.
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Answer:
92000
Explanation:
500×200=100000
100000-15000=85000
85000+12000=97000
97000-5000=92000
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