Question

purchased goods at invoice value of rs 10000 on 20% trade discount and 5%cash discount from bhupendra.what is journal entry for above transaction​

Answer 1

Answer:List price of Goods = 10,000

Trade Discount @ 20%

= Rs.10,000 × 20/100

= 2,000

∴ Net Amount of the bill

= 10,000 - 2,000

= 8,000

Cash Discount @ 5%

Rs. 8,000 × 5/100

= 400

∴ Net Payment made

= 8,000 - 400

= 7,600

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