Question

Pass journal entries in the books of shyam 2016 dec1 sold goods to amar at list price ₹50000 at less 15% trade discount dec5 amar returned goods of list price ₹6000 being defective dec8 amar payed the amount due under cash discount of 2%

Answer 1

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Answer 2

Answer:

Amar A/c.  Dr.   42500

Discount Allow. A/c Dr  7500  (50000x15%)

                     To Sales A/c  50000

Sales Returns A/c. Dr 6000

                      To Amar a/c            6000

Cash A/c  Dr 35770

Discount Allowed A/c Dr 730

                     To Amar A/c.       36500

Explanation:

Amount to be received from Amar = 42500 - 6000 = 36500

Discount At 2% on amount payable = 36500x2% = 730

Amount paid by Amar = 36500-730 = 35770