Question

Pass the entry for purchase of goods by amrit ,Delhi from add gel pens ,Delhi for Rs.15000 less trade discount 10% and cash discount 3%CGST AND SGST is levied @6%each.assume payment is made at the time of purchase

Answer 1

Answer:

The amount of goods purchased = ₹13,880

Explanation:

Purchase a/c dr. 14,310 (15,000 - 10% = 13,500 + 6% = 14,310)

To discount received a/c. 430/- (14,310 × 3% = 430 )

To cash a/c. 13,880/-

As we are purchasing goods we will not enter sales tax in our records...It will be recorded in supplier's book and we should not show trade discount in our books