Question

Purchased goods for rupees 10000 and received 10%cash discount

Answer 1

Thanks for asking :)

Answer :

________________________________

Purchased Ac Dr.......10,000/-

To, Cash Discount Ac Cr.......1000

To, Cash Ac.......9000

( being Goods purchased, cash discount received )

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Answer 2

the journal entry for this is :

Purchases A/C                               Dr.      10,000

           To Cash/ Bank A/C                                      9,000

            To Discount received A/C                          1,000

(Being goods purchased @ 10% cash discount)

WORKINGS:-

Purchase-          10000

Cash discount amt         10/100*10000 =1000