Question

Purschased goods from richa for rs 60,000 at 10% trade discount and 5% cash discount. 60% amount paid by cheque immediately

Answer 1

purchase a/c dr 60000

to cash 18800

to bank 28200

to trade discount 3000

to cash discount 10000

Answer 2

Explanation:

Question: Purschased goods from richa for rs 60,000 at 10% trade discount and 5% cash discount. 60% amount paid by cheque immediately. Show Journal Entry.

Answer:

            In the book of Journal Entry

      particulars               amount  amount  

purchase a/c dr              60000

      To, trade discount                   6000  

      To, Cash discount                    2700

      To, bank                                   30780

      To, sales                                   20520                                              

workings:

1) Trade discount = 60000 * ( 10 %) = 6000

2) Cash discount = ( 60000 - 6000 ) * 5% = 2700

3) Immediately paid by cheque = ( 60000 - 6000 - 2700 ) * 60%

                                                    = 30780