Question

Record the transaction in the books of ravi gupta:

Jan. 1 Goods of list price of rs. 15,000 sold at a trade discount of 8%.

Jan. 10 Paid cash after deducting 5% discount to Sunil bansal to whom rs. 18,000 was payable.

Write the journal entry.​

Answer 1

Answer:

Explanation:

Jan 1          Debtor's A/c Dr  13,800.00

                       To Sales A/c        13,800.00

(being goods of list price of Rs. 15,000 sold at a trade discount of 8%)

1. In case goods sold for cash then Cash A/c will be debited instead of Debtor's A/c)

2. In case goods sold for cash then amount received by way of cheque and was deposited in the Bank on the sale day, then Bank A/c will be debited instead of Debtor's A/c)

Jan 10

 Sunil Bansal's A/c Dr  18,000.00

   To cash                              17,100.00

   To Discount A/c                     900.00

(being paid cash after deducting 5% discount to Sunil Bansal to whom Rs. 18,000 was payable)