purchased goods costing 100000 from Sahil and co. paid 60% immediately by cheque to avail 5% discount (Journal Entry)
Answers
Answer:
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Explanation:
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Answer:
Journal Entry
Explanation:
Purchases A/c Dr. 90,000
To Sahil and co. 90,000
(Purchased from Sahil and co.)
Apr 02 Sahil and co. A/c Dr. 90,000
To Bank A/c 85,500
To Discount Received A/c 4,500
(Paid to Sahil and co.)
A journal entry is the act of recording any transaction, whether one that is economic or not.
An accounting journal that displays the debit and credit balances of a company lists transactions. Several recordings, each of which is either a debit or a credit, may be included in the journal entry. The amount of the debits and credits must be equal in order for the journal entry to be declared balanced.
Depreciation or bond amortisation are examples of recurring items that can be recorded in journal entries. Accounts payable normally has its own subledger that indirectly impacts the general ledger, and journal entries are frequently filed using a different module in accounting software.
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