Question

Sod goods costing ₹45000 to manoj at a profit of 33×1÷3 on cost less 20% trade discount amd paid carriage ₹400

Answer 1

Question:

Sod goods costing ₹45000 to manoj at a profit of 33×1÷3 on cost less 20% trade discount amd paid carriage ₹400. show the journal entry.

Answer:

        In the books of journal entry

   particulars                Amount  Amount

Manoj A/C     Dr.           60000

carriage A/C Dr.             400

 To trade discount                      12000  

 To, sales                                     48400

[ being goods sold Rs. 60000  to Manoj with a profit of 33.33%  and 20% trade discount also paid Rs.400 for carriage ]

Workings

profit on sales = (45000 x 33.33%) = 14999

trade discount = [(450000+ 14999) x 20%] = 12000