Purchase goods from Sanjiv of Rs. 40,000 plus I GST at 12% and 10% trade discount and 2% cash discount paid amount at the time of purchase itself (show working)
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Purchase A/c Dr. 36,000
IGST Input A/c Dr. 4,320
To Sanjiv A/c 39,600
To Discount A/c 720
Explanation:
Cost = 40,000
Trade Discount = 4,000 (40,000 * .1)
GST = 4,320 (36,000 * .12)
Cash Discount = 720 (36,000 * .02)
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