Show the journal of " supplied goods costing rupees 16,000 to Mr. X at invoice price of 20% on sale price less 5% trade discount "
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Answer:
X a/c dr 19,000
to sales a/c 19,000
Explanation:
cost price 16,000
add profit. 4,000
total. 20,000
less Trade discount 1,000
sales 19,000
profit = 16,000×20/80=4,000
trade discount = 20,000×5/10=1,000
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