Question

Purchased goods from Meeta worth ` 40,000 at 10% trade discount and paid ¼

amount in cash and ¼ amount by cheque, for which 5% cash discount is allowed.



pls help me​

Answer 1

Answer:

Purchase A/C...DR. 45000

To Henry A/C. 17200

To Bank A/C. 25800

To Discount Received A/C 2000

Working Note-

..Purchase done for 50,000 out of which we got trade discount 10%=5000

..Cash discount received 4%=2000

SO AFTER DEDUCTING TRADE DISCOUNT FIRST AND THEN SECOND CASH DISCOUNT,we get amount 43,000

..NOW 60%of 43000paid in cheque which is 25800

..17,200is still credit

Explanation:

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