Question

Purchased goods from rajiv less 10% trade discount for 10000

Answer 1

Purchase goods from rajiv less trade discount 10% for ₹10,000

Its journal entry will be

Purchase account dr. 9,900

.... TO rajiv.. A/c... ....... 9,900

[ being goods purchase by rajiv at trade discount of 10%]

Note - - It show that some goods are purchased by the business from rajiv. Goods are received by business from rajiv ie purchase account is debited to business and rajiv is a creditor so it is credited to business.