Question

Mittal Bros. purchased 100 shawls @ 3,000 per shawl. Allowed 10% Trade Discount
and 3% Cash Discount if payment is made within 14 days. Mittal Bros. received
10 shawls of poor quality, which it returned. Mittal Bros. settled the payment in 10 days.​ Give journal entry
​

Answer 1

Explanation:

Purchase A/c Dr 270000

To cash A/c 261900

To discount received A/c 8100