Question

purchased goods from Hari for 30,000 at 10% trade discount and 2% cash discount payment was made immediately ...pass necessary journal entry​

Answer 1

Answer:

purchase A/c dr. 27000

to cash A/c. 26460

to discount received A/c. 540

Answer 2

GIVEN :  Goods purchased = 30,000 ; Trade Discount = 10% ; Cash Discount = 2%

TO FIND : Give the necessary journal entry

SOLUTION :

Cost of goods is 30,000 and trade discount given is 10% .

Trade Discount = 30,000 × $\frac{10}{100}$

                          = 3,000

So , now after deducting trade discount value of goods is 27,000 .

Trade Discount is not recorded in the books of accounts so we will not show trade discount.

Cash Discount = 27,000 × $\frac{2}{100 }$

                         =  540

Journal Entry will be -

Cash  A/C DR  26,460

Discount A/C DR  540

            To Sales A/C  27,000

( Being sales done and discount given and cash recieved)