Question

purchased goods from manmohan of list price 40,000 at a trade discount 10% and cash discount of 2 % paid 60% amount immediately by cheque
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Answer 1

Answer:

purchase a/c Dr 40000

to discount a/c cr 4000

to cash a/c cr. 36000

cheque a/c Dr 24000

to discount a/c cr 480

to manmohan a/c cr 23520