Question

sold good to garima for rs 100000/-.. allowed her 20% trade discount and 5% cash discount if payment is made within 15 days...she paid ¹/4th of the amount by cheque after 2 days & 60% of the remainder on 10th day in cash.... what will be the journal entry... please help!

Answer 1

Garima a/c        dr                     80,000
  To Sales

Bank a/c.................Dr      20,000
Cash discount a/c...Dr      1,000
   To Garima


Cash a/c ............Dr.         48,000
Cash Disocunt ac....Dr       2,400
  To Garima