Question

purchase ingredients from sita suppliers for rs 85000 and paid by cheque rs 70000 only

Answer 1

the journal entry will be

purchases a/c dr 85000 -

to bank a/c - 70000

to discount a/c - 15000

Answer 2

Purchase goods on Discount

Explanation:

                                Books of (---- Limited)

                                        Journal Entry

Date          Account Title and Explanation       Debit      Credit

                   Purchase              a/c Dr                85,000

                        To Bank            a/c                                   70,000

                        To Discount receive  a/c                          15,000

                  (Being Purchase goods from Sita on discount.)

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