Question

Purchase goods from vishal for rs 500000 at 10% trade discount and 5% cash discount half of the amount paid by cash on the time of purchase

Answer 1

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purchase a/c Dr. 450000
To cash a/c 213750
To discount a/c 11250
To vishal's a/c 225000
(being goods purchased from vishal on 10%trade discount and 5% cash discount & half of the amount paid)