Question

Purchase goods from abhay for rs 100000 on 10% td and 4% cd and paid 60% by cheque. Solution

Answer 1

Answer:

.

Purchase A/c...... Dr. 87,840

Discount allowded.....Dr 2,160

To, Bank A/c 54,000

To, Abhay 36,000

Explanation: Bro to long write and explain Sorry

Answer 2

Answer:

When goods are purchased, its journal entry is as:

Explanation:

For purchasing the goods from Abhay at 10% trade discount

Purchase A/c..............Dr  Rs 10,000

    To Abhay A/c...............Cr  Rs 10,000

Working Note:

Amount = Goods worth × Trade discount

             = Rs 100,000 × 10%

              = Rs 10,000

For payment made and receiving the cash discount

Abhay A/c.........................Dr  Rs 6,000

    To Bank A/c.............................Cr  Rs 5,760

    To Discount Received A/c....Cr  Rs 240

Working Note:

Abhay received 60% of the amount = Rs 10,000 × 60%

                                                            = Rs 6,000

Discount Received = Rs 6,000 × 4%

                               = Rs 240