Ques=> Journalize the following transactions in the books of B.K Sharma: (i) Purchased goods from Siya Ram ₹6000 less 5% trade discount. (ii) Settled Siya Ram's account less 2% cash discount.
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Purchase A/C..... Dr. 5700
To cash A/C. 5700
(Being the good purchased and trade discount received 300 rupes)
Note*- Trade discount can't be shown in journal entry
Siya ram A/C........ Dr. 5700
To cash A/C 5584
To cash discount A/C. 114
(Being the siya ram account has been settled
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