Question

purchased goods from an kit worth rs. 40000 at 20%trade discount and 1/5amount paid in cash.joural entry?​

Answer 1

Answer:

(Journal Entries Involving Cash Discount). <br> Pass the Journal entries for the following transactions: <br> (i) Purchased goods from Sanjiv of Rs. 40,000 plus IGST @

at

Trade Discount and

Cash Discount. Paid amount at the time of purches itself. <br> (ii) Purchased goods from Vijay of Rs. 40,000 plus IGST @

at

Trade Discount and

Cash Discount. Half of the amount paid at the time of purchase. <br> (iii) Sold goods to Anil for Rs. 20,000 plus CGST and SGST @

each, allowed him

Trade Discount and

Cash Discount. Received half of the amount by cash and balance half by cheque immediately. <br> (iv) Sold goods to Ajay for Rs. 50,000 plus CGST and SGST @

each allowing

Trade Discount and

Cash Discount. Half of the amount received by cheque immediately. <br> (v) Sold goods costing Rs. 40,000 to Anil against a currect dated cheque at a profit of

on cost less

trade discount plus IGST @

. Cash discount is allowed @