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

1.garima a/c -dr. 80000
to sales a/c. 80000

2. bank a/c dr. 19000
discount allowed dr 1000
to garima. 20000

3.cash a\c dr. 34800
discount allowed dr. 1800
to garima. 36000


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