Purchase timber from Singh &co at the list price of 20000 allowed 10% trade discount
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Answered by
7
"The journal dairy will be:
Purchase (dr.) 20000
To discount received 2000
To Singh and sons 18,000
(being goods bought on 10 per cent trade discount)
You need to calculate the total discount on the entry to ensure the correct value that will come on the purchase of timber and how much will be received by the bank.
"
Answered by
14
hy user
Here's ur answer
Purchase A/c Dr. __20,000__
To Discount Received A/c __2,000__
To Singh &Co. _18,000___
Here's ur answer
Purchase A/c Dr. __20,000__
To Discount Received A/c __2,000__
To Singh &Co. _18,000___
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