Question

pass the journal entry for this and make ledgers
1.sumit started business with cash 50000,machine 10000 and loan from deepak 20000
2.goods purchased 30000 at trade discount 10% ,cash discount 2% and paid 60% amount in cash
3.goods sold to rahul 20000 at trade discount 5% ,cash discount 1% and 60% amount receive in cash​

Answer 1

Answer:

1.Cash A/C Dr.

 Machine A/C Dr.

 Liability A/C Dr.

To Sumit's capital A/C

2.-

Explanation: