Prepare journal entry - Sold goods to Alam costing ₹ 60000 at a profit of 20% on sales less 10% trade discount and charge 8% GST.
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Let the sale price be X
Profit is 20%(X)
Cost Price + Profit = Sale Price
Rs.60,000 + 20%X = X
X - 20%X = Rs.60,000
0.8X = Rs.60,000
X = Sale price = Rs.75,000
Trade Discount = 10%( Rs.75,000) = Rs.7500
Agreed Price = Rs.75,000- Rs.7500 = Rs.67,500
CGST @ 8% = Rs. (67,500) 8% = 5400
SGST = CGST = Rs.5400
Invoice Price = Agreed Price + GST =Rs.78,300
Journal Entry
Alam A/C Dr Rs.78,300
To Sales A/C Rs.67,500
To Output CGST A/C Rs.5400
To Output SGST A/C Rs.5400
(Being goods sold to Alam)
To Output CGST A/C Rs.5400
To Output GST @
nikhilsingh38:
Your answer always perfect.
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