Question

Pass journal entry for sale of goods by Rahul,Delhi to Anish Delhi for Rs 10,000 less 10% trade discount and 2%cash discount.Assume payment is received at the time of sale.CGST and SGST is levied@6% each?​

Answer 1

Answer:

cash/bank a/c. 9878

discount allowed a/c 202

to sales a/c. 9000

to output cgst a/c. 540

to output sgst a/c. 540

Answer 2

Answer:

                               In the books of Journal Entry

               

                       Particulars                              amount                      amount

 Cash / bank A/c           Dr.                             8800            

 Discount Allowed A/c      Dr.  [note - 1]         1200

            To,Tax A/C [note -2]                                                               1200

            To,Sales A/C                                                                           8800

[being the sale of goods for rs. 10000]

Explanation:

                                   Workings

 

Note -1    

        Trade Discount - [10000 * 10%] =  1000

        cash Discount  - [10000 * 2%]  =   200

   so,Discount Allowed = [1000 + 200]  =  1200

 

Note -2  

        total tax = CGST + SGST

                  = [10000 * 6%] + [10000 * 6%]

                  = 1200