Question

purchased goods of list price of 1 lakh from gopal brother . 20% trade discount and 5% cash discount on purchase price. 60% of amount was paid immediately by cheque . IGST 12%

Answer 1

Explanation:

1.purchase a/c Dr. 76000

input IGST a/c 12000

to Gopal brother 88000

2. Gopal brother 88000

to bank a/c 52800

to discount received a/c 35200