Question

purchased goods of the list price of 160000 from razaq khan less 10% trade discount and 5% cash discount and paid 40% by cheque and 2.5 % CGST and SGST​

Answer 1

Answer:

From the question above, I assume the invoice extract to be as given below.

Goods…………………………………………1,60,000

Less: Trade Discount @10%..…...........16,000

Balance…………………………………..…..1,44,000

Add: Taxes @ 2.5%..........……....................3,600

Total………………………………………...…1,47,600

Less: Cash Discount @ 5%..….................7,380

Balance……………………………………...1,40,220

Journal Entry 1 (On purchase)

Raw Materials A/c ……….Dr …….1,44,000

Input Tax A/c…………..…..Dr…………...3,600

To Razaq Khan’s A/c…………………………………………..1,47,600

Journal Entry 2 (For adjusting cash discount)

Razaq Khan’s A/c ………..Dr…….…...7,380

To Cash Discount Received A/c……………………………..7,380

Journal Entry 3 (On payment of the amount)

Razaq Khan’s A/c………...Dr………56,088

To Bank A/c……………………………………………….……… 56,088

(40% of 1,40,220 paid by cheque)

For ease of understanding, I have presumed INPUT TAX (both central and state) at a combined 2.5%. If it is 2.5% + 2.5%, then the amount changes without affecting other narrative details.

ok

Mark me as brainlist.....

Answer 2

Answer:

and your followers is very large in amount mera bhi kuch karo di....