Question

payment received from abhishek ltd after allowing cash discount 5%. Journal Entry?

Answer 1

Main Aur Meri Tanhaai, Aksar Ye Baaten Karate Hain
Tum Hoti To Kaisaa Hotaa, Tum Ye Kahati, Tum Vo Kahati
Tum Is Baat Pe Hairaan Hoti, Tum Us Baat Pe Kitani Hansati
Tum Hoti To Aisaa Hotaa, Tum Hoti To Vaisaa Hotaa
Main Aur Meri Tanhaai, Aksar Ye Baaten Karate Hain
Ruu Ruu
Ye Kahaan Aa Gaye Ham, Yuunhi Saath Saath Chalate
Teri Baahon Men Hai Jaanam, Mere JismOJaan Pighalate 2
Ye Raat Hai, Yaa Tumhaari Zulfen Khuli Hui Hain
Hai Chaandani Tumhaari Nazaron Se, Meri Raate Dhuli Hui Hain
Ye Chaand Hai, Yaa Tumhaaraa Kangan
Sitaare Hain Yaa Tumhaaraa Aanchal
Havaa Kaa Jhonkaa Hai, Yaa Tumhaare Badan Ki Khushabuu
Ye Pattiyon Ki Hai Sarasaraahat
Ke Tumane Chupake Se Kuchh Kahaa
Ye Sochataa Huun Main Kabase Gumasum
Ki Jabaki Mujhako Bhi Ye Khabar Hai
Ki Tum Nahin Ho, Kahin Nahin Ho
Magar Ye Dil Hai Ki Kah Rahaa Hai
Tum Yahin Ho, Yahin Kahin Ho

Tuu Badan Hai Main Huun Saayaa, Tu Na Ho To Main Kahaan Huun
Mujhe Pyaar Karane Vaale, Tuu Jahaan Hai Main Vahaan Huun
Hamen Milanaa Hi Thaa Hamadam, Isi Raah Pe Nikalate
Ye Kahaan Aa Gaye Ham
Meri Saans Saans Mahake, Koi Bhinaa Bhinaa Chandan
Tera Pyaar Chaandani Hai, Meraa Dil Hai Jaise Aangan
Koi Aur Bhi Mulaayam, (Meri Shaam Dhalate Dhalate 2)
Ye Kahaan Aa Gaye Ham
Majabuur Ye Haalaat, Idhar Bhi Hai Udhar Bhi
Tanhaai Ke Ye Raat, Idhar Bhi Hai Udhar Bhi
Kahane Ko Bahut Kuchh Hai, Magar Kisase Kahen Ham
Kab Tak Yuunhi Khaamosh Rahen, Aur Sahen Ham
Dil Kahataa Hai Duniyaa Ki Har Ik Rasm Uthaa Den
Divaar Jo Ham Dono Men Hai, Aaj Giraa Den
Kyon Dil Men Sulagate Rahen, Logon Ko Bataa Den
Haan Hamako Muhabbat Hai, Mohabbat Hai, Mohabbat Hai
Ab Dil Men Yahi Baat, Idhar Bhi Hai, Udhar Bhi

Ye Kahaan Aa Gaye Ham, Ye Kahaan Aa Gaye Ham

Answer 2

Given" Purchased goods from dinesh worth rupees 50000.,10%trade discount and 5%cash discount.Half of the amount paid to him immidiately journal entry"

This transaction affects four accounts.. Purchases account (Goods are Purchased) ,Dinesh account (purchased from Dinesh), Cash account (half of the amount is paid in cash), cash Discount recieved (Discount being received)

Trade Discount is not recorded in the books of accounts unlike cash Discount..it is deducted from the List price and net price is considered to be the historical price of that product...

Trade Discount rate = 10%

List Price= 50000

Trade Discount amount = 50000 × 10% = 5000

Actual Price= List price - Trade Discount amount

= 50000 - 5000 = 45000

out of 45000.. 22500 is paid out in cash and rest on credit...

cash Discount= 5%

Cash Discount amount= 22500 × 5% = 1125

Actual cash receivable = 22500

But since cash Discount is recieved.. actual cash will be 21375


The Three golden rules of accounting are

Personal account - Debit the receiver credit the giver

Nominal account - Debit All expenses and losses credit All incomes and gains

Real Account - Debit what comes in ,credit what goes out

segregating accounts: -

Real accounts..all assets and Liabilities come under it

Nominal accounts...all incomes gains losses expenses come under it

Personal account..as the Name suggests..


Cash is Going out..it should be credited.

cash Discount recieved is a gain..it should be credited..

purchases is an expense it should be debited..

Dinesh is the giver..he should be credited..


So the Journal Entry will be.....

Purchases a/c Dr 45000

To Cash a/c 21375

To Discount recieved a/c 1125

To Dinesh a/c 22500

(Being Goods Purchased from Dinesh)

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