Question

Purchased goods of Rs 40,000; trade discount 15% and 5% cash discount on purchase price, IGST 12% and payment made by cheque, bank will be credited by Rs………… (A) Rs 38,380 (B) Rs 36,380 (C) Rs 42,680 (D) Rs 40,780​

Answer 1

Answer:

Bank A/c will be credited by Rs. 36,380

Explanation:

Purchases A/c Dr 34,000

Input IGST A/c Dr 4,080

To Bank A/c¹ 36,380

To Discount Recieved A/c 1,700

(Goods purchased at 15% trade discount and 5% cash discount)

WORKING NOTE -

¹ List Price of goods purchased 40,000

Less: Trade Discount @15% 6,000

34,000

Add: IGST @12% 4,080

38,080

Less: Cash Discount @5% 1,700

Net Amount Paid 36,380