Question

Pass the Journal Entry
1. purchase goods from sanjiv of rs.40000 plus IGST @12%at 10%trade discount and 3%cash discount. half of the amount paid at the time of purchase itself​

Answer 1

answer:

purchase account debit =40,000

input IGST = 1800

to Sanjeev = 41800

trade discount of 10 % will be on 41800= 37620

cash discount of 3 % will be shown on 37620 = 1128.6