Question

purchase goods of rs 100000 againsr cheque and availed discount of 3%

Answer 1

Given "Goods Purchased of 100000 against Cheque and availed discount 3%"

This transaction affects three accounts Purchases a/c , bank a/c , discount recieved a/c ... Where Purchases a/c , discount recieved a/c is a nominal account (all expenses incomes gains losses come under nominal account) and bank a/c is a real account(all assets and Liabilities come under Real account)


The Three golden rules of accounting are

Personal account - Debit the receiver, credit the giver

Real account - Debit What comes in, credit what goes out

Nominal account - Debit All expenses and losses, credit all incomes and Gains

So Per the above rules..since cash from bank is going out , discount recieved is a gain so both of them should be credited and Purchases is an expense should be debited..


So the Journal Entry will be

Purchases a/c Dr 100000

To bank a/c. 97000

To Discount recieved a/c 3000

(Being Goods Purchased)

Answer 2

Given 
purchases 100000
discount =(100000*3%) 3000


Journal entry 

Purchases A/c Dr   100000
      To bank A/c                     97000
       To discount A/c                3000
(Bring purchases made)

Hope its useful..!!!