Question

Purchased goods on credit for 5000 and also 8000 on payment of 3000 in cash and 5000 by cheque and discount received at 6per cent against cheque payment .pass journal entry

Answer 1

Answer: purchases dr. 13000

To customer 5000

To cash 3000

To bank 4700

To discount receive 300

Explanation: discount is RECEVIED on cheque payment so.. 6% will be on 5000