Accountancy, asked by hardipdhiman63, 1 year ago

)PurchasedgoodsfromShyamandco.,Delhioflistprice Rs.25,000/-at20%tradediscountand3%cashdiscount onvalueofgoods.PaidCGSTandSGST@6%each. Paymentwasmadeimmediatelyandavailedcash discount.

Answers

Answered by ankit0786
0
Discounts may be offered on sales of goods to attract buyers. Discounts may be classified into two types:

Trade Discounts: offered at the time of purchase for example when goods are purchased in bulk or to retain loyal customers.

Cash Discount: offered to customers as an incentive for timely payment of their liabilities in respect of credit purchases.

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